1) Are you ripping in secure mode?
2) What LAME settings did you use (i recommend the defualt ~192Kbps VBR)
3) What are you using to play the mp3?
4) Does this problem occur at specific points in the mp3 file or do the glitches seem to occur at random, changing points?
5) Have you tried defragging your drive and then ripping?
If you're using a pMMX, you must use LAME as an external compressor and not a codec. I don't know if you can use any codec other than the defauly windows PCM simply because your CPU is probably not fast enough to keep up.
btw, this disk is ancient... For sure a new 40GB hard drive will knock your socks off in terms of performance. If you have the money and the knowlege to install/ghost, I recommend you buy a 40-60GB Seagate Barracuda ATA IV hard drive for ~$90 (www.allstarshop.com
is a good place to order HDDs)