You would use WMA or other reduced bit rate formats only if you're making compressed files, such as for a portable player. Otherwise, you would want to simply copy the CD in Nero or you would use an uncompressed format, like WAV. Then, when you have the uncompressed audio files, use Nero's option to create an audio CD.

By the way...the bit rate option will not be offered when you choose the "WAV (Lossless)" option from the Rip menu. And last comment for now...most people's Windows settings are probably set so a CD plays automatically, rather than rips, when inserted. You can change that if you like, or you can go to the Rip menu to start the rip.