BrianKonarsMac said:this is far too simple to ask people to pay for this service. a better approach would be as an Analog to Digital Conversion Service, updating people's old LP's to Apple Lossless Compression, etc.
I agree, you would probably have better luck charging people to water their lawns for them. Ripping CD's is such a passive effort and requires little work besides swapping CDs. While the process may take several minutes setup is just seconds. It's also so easy today, maybe a few years ago when it was "new" but now it's really just a click or two.
You would probably be better off trying to form a niche market taking old recordings, vinyl, reel-to-reel, 8-track, etc. and converting them to MP3/AAC. This requires a lot more time and/or specialized equipment but more likely a service someone would pay for.
But they say a sucker is born every minute, so if you can actually find someone to pay for it go for it.