ultimate format to store ripped CD audio?

[rlu]

Hello,

my CD collection now comprises about 700 CDs. About 10 years ago I went through the collection and ripped to OGG (individual tracks). During the process I discovered two pressed CDs that had failed, presumably because of oxidation of the aluminum layer. One was replaced by the publisher (Deutsche Grammophon - yay), the other was no longer available.

Obviously, I cannot produce a perfect replacement for any CDs that should fail, and this bothers me.

Thus I would like to re-rip my collection and store in a format that satisfies the following requirements:
1) can be used to produce a perfect replacement for a failed CD (i.e., lossless)
2) individual tracks can be encoded to OGG/MP3/whatever using the rip-data

There are two approaches (it seems):
1) rip a CD monolithically and have some method to extract the data for any particular track that is to be encoded
2) rip tracks individually along with *all* the addition information (lead in, etc) needed to produce a perfect copy of the original CD

I would be grateful for any hints on how to achieve this goal. By the way, I'm a pure-linux user, and am pretty-much only interested in solutions involving open-source software.

cheers,
RLU