1) Upload all your cds to a hard drive in lossless format
2) back that up to another hard drive, store at a safe, accessible location other than home
3) copy all lossless files into compressed format for a 160GB iPod
4) back those files up also
like you don't do this anyway (and if you don't you should, b/c a house fire or theft can make all your software disappear forever)
5) give ALL your cds away