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copy the files to HD then to CD
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If you're on windows you want EAC - Exact Audio Copy and the LAME encoder which I think comes with it these days. Makes the entire process one-click and the quality is perfect. On mac, heck, just use iTunes, it does an equally good job, encode to MP3, AAC or Apple Lossless and bingo.
I just back up my entire HD to an external drive every now an then, MP3s and all.