Couldn't you also just use Disk Copy? Create a CD/DVD master disk image and then just burn it to a CD-R (although this might depend on if you have enough RAM to allow you to store the disk image). If you have 2 CD drives, I think Toast will let you copy from drive to drive. And iTunes is good too, I just like being able to use Disk Copy and not have to rip the tracks first.
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I guess I'll get a head start, don't steal music.