But in case you want to return to that project in the future, you need to make a permanent backup. Capturing audio CDs is a dodgy business, and the error correction is not as robust as when you save a computer wave file. To be on the safe side, I always make a CD-ROM of all my wave files, once I get them finished. Using your CD recorder for backup is a way to kill two birds with one stone, but there are other options. DAT tape may be used to back up computer data, either with a SCSI computer DAT drive or a regular audio DAT recorder.
Removable disks are also very handy.
Removable disks can be recorded and erased as you wish, making them perfect for periodic backups and moving data between different studios. The beauty of an external Zip or Jaz is that the drives themselves are small and handy. If you need to take a file to a friend's house, just take the whole drive, and it doesn't matter whether they have one or not. The Iomega drives come in either serial-port or SCSI versions. Well, a pair of 2-gig EIDE or SCSI drives will stand you in good stead.