Maybe I'm just tone deaf, but I can't tell the differance between a CD and a good MP3.
While you can fit 90 CDs in WAV on a 60gig HDD, and 160gig will hold ~240 CDs you'll quickly find that you want to load more, you'll start finding CDs under the couch, in the basement and in the freezer and wanting to put them one, but now have no space.

If you do have golden ears and can tell the differance, at least use FLAC, that will give you the same quality but take half the sapce.

If your willing to slum it give "LAME --alt-preset standard" a go, it averages out at about 192kbs or about 75megs per album.
Actually an even better thing todo would be to rip a song you know really well, and encode it into several different formats, then convert it back to WAV, burn to CD and then see if you can pick out the different formats.
No real point in taking up more space then you really need is there? Well except for bragging rights!