If you rip to a lossless codec, you will retain all of the original quality, but have a reduced file size, hence lossless compression.
These lossless files also have the ability to retain album artwork in the metadata, unlike WAV, for example.
Not all lossless codecs are universally accepted, for example, apple hardware and software only recognises ALAC lossless by default, but you can get FLAC 'plugins' (additional software addons) to address this.
Media or music players can be either a dedicated piece of hardware or software based on a computer.
As you already have a Pc, why not try a variety of music files ripped at different bit rates and listen to them through your hifi to see if you an notice any difference? You could also take the opportunity to experiment with some of the free media/music players.
For music/media players try, iTunes, Windows Media Player, XBMC, Winamp and Musicbee. All are free and have a different way of presenting your files. It is a daunting task when venturing into this method of listening to music, due the the huge number of options, but for this very reason, you will be able to find a solution that is perfect for your needs. Once you have decided what they are, that is.