Don't even spend that much. Keep an eye on dealsea,
http://www.dealsea.com.
They list deals there every week on CD-RW, sometimes as low as $25. I bought a Lite-On 48x for a mad price, something like $30, because I saw it listed there.
For example,
http://www.dealsea.com/getnews.php?se=1 lists a Buslink CD-RW from Circuit City for $30 after rebate. Also a Cendyne for $40 after rebate.
The Lite-On has been working GREAT for me, I love it. It rips CDs fast, like nobody's business.
JT$