If you want good quality copies, use a straight disk copy or rip to 44.1 Khz 16 bit stereo wav's to make your copys from though. To many the loss of quality when using compression schemes such as mp3 is acceptable. I, however, find it less than thrilling.
The Lite-On drive Ben mantioned is currently available from Newegg for just $20.00 plus $4.00 shipping, and comes with Nero Express, which has an option to copy (or back up, as we prefer to say,) your cd's with little to no quality loss. (It's a one click deal that just says, "Copy CD. VERY easy for even the novice to use, adn it does NOT compress the files first.) The full-blown Nero Burning Rom is a better program for sure, but the Express that comes bundled with the drive is more than enough to get you off and running backing up your catalog of CD's. Here's a direct link to the drive on Newegg.
I don't know if you're in the USA, but if you are, this is about the best deal you're likely to EVER find on a 52x writer. Newegg also sells TY 52x CD-R's for as little as $26.00 per hundred plus $4.00 shipping.
Hope that helps.