For a free solution, check out ISO Buster...just tell it you only want the free functionality and you will be able to make great ISOs or BINs with it. It can be quite slow if it runs into read errors, but its persistence makes the images it extracts much more reliable than many burning programs comercially packaged with cd and dvd burners. Just right click on the session you want an image of and use the context menus to get the image type you want. Also useful if you want to open a BIN or other image format and extract an ISO from it.
I am currently running FF8 NTSC U/C off of a BIN image I made with ISO Buster, and it works perfectly, with no lag like I get from the CD. I have made it all the way through disc 1 off of the image, and have made a fair bit of progress into disc 2 off of an image as well (also made in ISO Buster). It works much better than the "Disc Extract" function I have in Roxio CD/DVD 6 Creator Classic, can do proper RAW extraction which I cannot get to work in CDRWIN, and it is free. I hear several complaints about comercially packaged software that comes with burners being unreliable for making ISOs. If you wanna pay for something, get CloneCD or Alcohol 120%, but if you want a free program that is updated often and has a decent compatibility with CD and DVD-ROMs, give ISO Buster a shot...after all, it costs nothing more than the time it takes to extract the image to know if it'll work for you.
A good ISO ripping utility I like to use is Delta 2.01. Just go to "Tools" then click on "Disk Imager". That's how I backed up the game Neverwinter Nights and works fine with Daemon Tools (which can emulate 4 CD/DVD drives)!