Yes I do~
FLAC or WMA you say? How about AAC? That's my current favorite because of its size/quality balance, but I don't know if your sound system can handle those.
Anyway, the process is the same whichever format you choose. I'll walk you through how I do it, but there are tons of other ways. I'm assuming you're a Windows user.
First you'll need to rip the audio files from your DVDs, I suppose. If you already did this, just skip this paragraph. I still use the discontinued
DVD decrypter for this, there's probably newer software, but this one does exactly what I want. Fire up the program, select Tools > Settings, IFO Mode tab. There select "by chapter" under "file splitting", which makes sure your album will be split into separate tracks. Hit OK and select Mode > IFO.
The main album should be selected automatically in the Input tab. If it isn't, select it manually. Then go to the Stream processing tab and check "Enable Stream Processing". Uncheck everything but your 5.1 DTS or AC3 track, highlight said track and select Demux below. Select a destination on the left and hit the big CD > HDD icon. After a few minutes you should have all your AC3 or DTS tracks ripped to your harddrive. It's possible that there are some extra files, like DTS files which only seem to be a couple of Kb long, you can safely delete those.
Then for the conversion part. I recommend you get
foobar2000, which is a free and awesome lightweight audio player that also happens to be very handy for encoding purposes. You'll also need the
AC3 and the
DTS plugins since that'll be the source material you'll be working with. Unzip the plugin dll files to your foobar2000\\components folder. Then you should get the
Flac or
Nero AAC encoder (Both are free. Don't know about WMA exactly, to be honest) and unzip them somewhere. Fire up foobar2000 and add your AC3/DTS files to the playlist. You can tag them before or after conversion, whichever you prefer. Then select them all and right click > Convert > Convert to...
Under Encoding preset select FLAC or MP4, whichever you prefer. You can change the quality by clicking the three dots (...) next to the preset (Please note that for AAC, the bitrate foobar indicates only applies to stereo files. For 5.1 files the bitrate will be much higher than indicated. Experiment with the settings until you find a decent compromise between size and quality).
Click OK and foobar will ask you for the location of the flac.exe or neroaacenc.exe you just downloaded. Point it to the correct folder and hit OK a few more times.
After a few minutes you'll have a nice collection of multichannel FLAC or AAC files. Hurray.
I hope this helps ^^