What does CD ripping refer to?

It means convert the tracks to MP3 format and take them from the CD to the hard drive on a computer
Pretty much yes,it really just means taking audio from a disc and copying it into data on your PC,like when you hear kids say "I just ripped the new Kayne West Cd onto my computer",they just copied it onto their comp,it's simple really.

And no it does not remove what you have on the CD,the music from an audio Cd can never be removed,just copied,now if you have a CD-RW,those can be erased,but that won't happen unless you chose to erase it to use it for different music or data,that's what they are made for,while CD-R's are made for one time use,hope that helps.