deckard236, I recommend you use Max to rip the CD:
http://sbooth.org/Max/
Go to the Preferences, and under the "Formats" section add "FLAC" as a format and check the checkbox. Under the "Ripper" section, change it to "cdparanoia". Then, insert your CD and rip the tracks. The rip will probably end up in your "Music" folder.
Then, as BrotherLovesDub suggests, Transmission is the best torrent client on the Mac. Do you need help with how to make and upload a torrent?