If you're concerned about backing up your CD collection then I would recommend ripping it to one of the Lossless formats, either FLAC or APE. Personally I use FLAC - it's opensource, free, there's actually some hardware based support for it, etc. Your rips will be lossless so you can convert them back to the original WAV's and reburn your CD's at any point, plus you'll get a ~50% space savings over the .iso (I know disk space is cheap but I also don't see any reason to waste space when there is perfectly good lossless compressed format available).
So rip all your CD's to Flac w/ EAC, you'll then be able to catalog them with Xlobby and play them via Winamp or Foobar (or any other FLac compatible player). Make playlists, convert to MP3 for your Ipod, whatever. You can back them up to an old hard drive or burn them to a bunch of double layer DVD's and keep them off site (friends house, work, safety deposit box, fire proof safe). Or keep the originals offsite if you prefer.
http://flac.sourceforge.net/faq.html
good luck,
tsw