I would strongly advise against this. Memory cards of any type are dirt cheap these days. You can buy used mp3 players with gigabytes of storage space for a very low price online.
You will be sacrificing quality for no real gain.
However if you must do this use 64kpbs in any of your regular mp3 ripping suites and go no lower.
I used to use what was known as mp3 pro back in the day at 64kpbs and was acceptable to me at the time when memory cards didn't have much storage space and were relatively expensive. Nowadays I just rip to 320kpbs mp3 and forget about it.
Either that or use wma instead of mp3 to go smaller. Though note wma is not as widely compatible as mp3 But it should still be playable on lots of devices, just check before going that route. I believe wma is supposed to be better qualty at the lower settings than mp3 at a similar low setting.
Edit - windows media player can rip cds into mp3 or wma. There are millions of cd rippers and file converters out there. Take your pick.