thread not so old after all
 

If one's goal is to listen to the extracted audio on an iPod/iPhone, then the fact that the newer devices don't mind very large file sizes is a big plus.

So: rip the DVD to mp4 using Handbrake (about an hour, your mileage may vary)

Open the mp4 with QuickTime Player (pro). Export (not "save as") as aiff (not very much time)

Open the aiff file in iTunes and gasp at the speed with which it is converted to m4a (or, probably, to mp3).

While it is true that this takes 3 steps, it is fast, and it uses only one program not included in the OS (Handbrake) -- except for the pro upgrade to QuickTime Player. I spent my $29 on this in 2004 or so, and got my money's worth out of it before 2006, and it still works well. I bought the upgrade for QTP 7, now 7.6.6 in my machine).

My iPhone is quite comfortable with the big m4a files.

Although I still have a Tiger machine with 0SeX and the other tools needed to extract aiffs directly from a DVD, I find I no longer want to go to the trouble, because I can use my new machine to do it.

Here are my steps to happiness ripping audio from DVD. This takes just two pieces of software, both free.

1. Handbrake (at release level 0.9.4 64-bit) to rip DVD to an MP4 file (.m4v)
2. Audacity (at release level 1.3.12-beta Unicode) to import (File, Import, Audio) while ignoring the complaint about ffmpeg libraries missing...unless you have ffmpeg libraries, but then you probably don't need to be scanning this post if you have your arms around ffmpeg.
3. In Audacity: Edit if you'd like; at least trim to exactly the audio you want; compression (Effects, Compressor) can help if you are after dialog or find the loud/soft variance unpleasant.
4. In Audacity: Export to MP3 or whatever (File, Export)

Handbrake is great, and also did well jobs for me, but now, yeah, I used to use iFunia DVD ripper for my DVD movies ripping, and it have the option to extract soundtracks from DVD disks.

This Works in October of 2011:

Handbrake to rip the DVD.

- Set the framerate to lowest (5) under Video, and also the Constant Quality all the way left (RF 51). This makes for really nasty video, but you don't care about that anyway if you're just wanting to rip audio.

- Right under the icons at the top you see two sections for chapters. Make the two numbers the same and you'll just rip that track. E.G. "Chapters" "1" through "1" to begin.

- Keep changing the file name and chapters numbers to rip a different file for each chapter. This is a real drag, but too bad. It works.

Now open a new program -- "MPEG Streamclip".

- Drag a file into the center of the app.
- Up under "file" click on "Export Audio".
- Take it from there, choosing the file type, etc., you want.
- Again, it's a lot of busy work, but it works, and both programs are free.

MAC3dec'm not familiar with, the last time I did I used ffmpegX. Will take your stereo AC3 http://yoogya.com/ref/i4.jpgstreams and convert directly to MP3 or AAC. It might be overkill for this job, but I was using to get some audio tracks to iTunes and put music videos in Quicktime format.