Is there a way to "burn" mp3 music files to a CD-R disc so that they are playable on any (especially older) CD player?

(1) I have mp3 music files on my computer that I’d like to put onto CD-R discs so that I can play them on CD players like boomboxes.

(2) Also, what is the best way to make a copy of an existing music CD (a legal one, of course), so that I can play the copy in the boombox and not worry about it getting damaged?

In the first case above, I presume some sort of format conversion will be necessary, but what and how?

In the second case, how can I do it in less than real time? By that I mean, can I copy a 60 minute CD in less than 60 minutes?

Finally, should I use the Live File System, or Mastered on the target CD-R? I am using a PC running Windows 7.