Copying it for personal use and then deciding to sell the cd, seems to me a gray area.
Yes very gray. If you search around (see my link above) you'll see all kinds of opinions.
A. You pay $15 for a new CD, keep a copy, and sell the original for $5.
B. Somebody else pays $15 for a new CD and sells you a copy for $10.
In both cases the end result is exactly the same:
...you have a copy and are out $10
...the other person has the original and is out $5.
yet some feel that A is OK and B is wrong.