Is it possible to rip music from PSX CD's?
 

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If so, what utilities do i need?

I don't actually rip, what I do I think is considered capturing. I have my PS hitched up so the sound goes to the sound card and the picture on a near by TV, I use a program called Polderbits and it captures the sound CD quality for me. I've done this with various games, it's how I got my Conker soundtrack.

www.polderbits.com