I see it more and more so heres what I use.
1. Audiograbber Freeware - Rips karaoke cd's from just about any cdrom to Cdg (graphic file)+ Mp3 (audio file), zip or bin. Also configurable to point at your local CDDB for track info and such.
2. Power CD+G Burner pro Shareware - Will rip a karaoke disc from any cd-rom (even a non compatible cd-rom) to *.cdg + *.mp3 files or *.bin.
3.Winamp Freeware with a cdg plugin - plays your graphic part as well as the audio part.
4. MP3+g Toolz v3 and v4 - converts cdg+mp3 to zip archives and so forth.
5. Latshaw Systems = KJ File Manager and Karaoke Songlist Generator. The 2 programs are the best yet, and to date the only software that was designed 100% with karaoke in mind.