There are paid services where you send your CDs and they do the ripping for you at the cost of roughly $1 per CD.
http://reviews.digitaltrends.com/guide/44/cd-ripping-services-compared
The disks are susceptible to failures. It's just a matter of when. You really want all the data backed up, otherwise when the disks fail the data will be lost. I would buy external disks with RAID 1 or RAID 5 feature. Those RAID disk arrays can withstand single disk failure.
http://reviews.digitaltrends.com/guide/44/cd-ripping-services-compared
The disks are susceptible to failures. It's just a matter of when. You really want all the data backed up, otherwise when the disks fail the data will be lost. I would buy external disks with RAID 1 or RAID 5 feature. Those RAID disk arrays can withstand single disk failure.