Updated iPhone / iTunes and now cannot Import CDs

Question

OS: Win7 Home Premium
iTunes: 10.1.0.56
Yesterday I decided to take the plunge and started importing my CD collection. About 30 CDs in I decided to take a break. I plugged in my iPhone and hit the update button in iTunes. (I’m not sure if I got the iPhone update and/or Itunes + quicktime update.) At any rate, when I went back to importing CDs nothing would import. I’ve tried about 5 different CDs, but each gets a version of this error, “Error occurred while converting the file [blah blah blah]. The disk could not be read from or written to.”
I can play CDs using iTunes. I can play previously imported CDs using iTunes. But now I cannot import CDs.

Answer 1

Its always the first song of the CD as I try to import it. I can play from the CD without any problem. However, when I click 'Import CD' I get the following type of error, "Error occurred while converting teh file 'Mozart: Le Nozze Di Figaro, K 492 - - Overture'. The disk could not be read from or written to.
I'm trying to save to a network folder. I'm not sure what the path is or how to find it again in iTunes.