Faster computers do make a difference with ripping CD's, provided the CD drive is fast too. What speed is your CD drive?
I take it you have WindowsXP? Running XP with 256MB of RAM will also be slowing programs down. XP runs quite well with 512MB, as that leaves plenty of room for both XP and running applications.
Try the program Jhieminga suggested. If that program is slow too, maybe it's time to bump your RAM up another 256MB.
goates