Thinking about selling my CD collection = MP3


I am having serious thoughts about selling my 1,500 or so CD collection and going to MP3 playback format. At one time I use to have the time and sit in front of my system and really listen, I mean sit and really get into the music. Now with two kids, and the band that I play guitar in, there is simply no time. My listening consists of in the car or in the house while I am doing something else. I am thinking about ripping my collection to my computer, selling the CDs and my CD player and using a large storage MP3 player as my source. Any thoughts? Anyone else out there do this?
gretsch6120
Click here for a long boring discussion on the legality of it. After this discussion I came to a few conclusions based on the idea that what you are buying is not a physical item as much as the right to listen to the music when you want to. The disc has no real value, it is the music that the disc can produce that has value.

Most everyone agrees that

1. if you buy an original you can make a copy for yourself if you keep the original
2. you can sell the original if you don't keep a copy
3. buying an original and selling a copy is illegal.

If 3 is true as most agree, then how can buying the original, keeping a copy, and then selling the original be any different?

From the previous discussion it is clear that many view the record industry with disdain and can rationalize anything they do in light of this. I've been through this debate in the previous post and don't want to do so again, but it is interesting to see how widely varying the opinions are on this.

As to the original question, keep the CDs. They aren't very valuable, don't take up much room, it's probably illegal, and no matter how you copy them you are putting yourself at risk of losing the music when your storage media ultimately fails.
Post removed 
My buddy's hard drive AND backup went down - and there went all his music. He is super bummed to say the least.
I would suggest purchasing a music server that has a built in hard drive and access to the internet. It makes it easy to rip your cds to the hard drive and also furnishes the cover art. They will automatically classify your CDs and show the cover art. Keep the CDs as back up. I am taking this path and am please with the results using an escient E2-200. FYI - I use a 320kps compression and can bairly hear the differance between "real time" CDs and the compressed version.
Gretsch6120 ,Since you don't have time to listen,WHEN are you going to find time to burn 1500 cd's??Add 10 or 15 minutes time to EACH cd to record at proper levels and other adjustments etc.The cd's you now have play in your car where you listen the most.I have more than 1500 cd's and 1200 lps.None are for sale and on My system and MANY others mp3's don't sound as good as cd's or records.Not even close.Keep your CD's !!See Aball 's comments above,Nightmare.How much will it cost to replace even 1/2 of your collection when your hard drive goes down??MY .02.JD