If you are paranoid like me.
(I work with puters all day and I *know* they are out to get me..)
Get a Buffula terrabyte NAS storage with hotswappable RAID 5 or equivalent.
Dell has them for $720 + shipping. Mine is setup for 800gb at RAID5. Serves as my DVD server as well.
I know they are overkill but I say.
Rip once and never bother again. (I should know, I ripped all my CDs at 160vbr, 256ABR and 320ABR). Tuck it away and forget about it.
Now I just say make 'em WAVs. They are lossles and pretty much can be played by any platform/player. FLAC might be worth looking at if you are concerned at HD space.
Cheers,
et