I'm sure you can fit every CD you own, at 192 or even 320 quality, on one of these:
Above: LaCie Firewire 800/USB 2.0 1-Terrabyte Disk Array ($800)
At work we just recently switched over to a 3 TB array as the primary network storage device. Our IT guy figures that'll hold us for a year to a year and a half, at the rate our GIS Department chews up storage with aerials and topographic data sets.
Then when the drives get fried from overheating, you can have the pleasure of losing everything.
Instead, but a FW drive with fans. The heatsink enclosure on those is less than adequate, as many users can testify.
Or switch iTunes to use Apple Lossless.