Kerri- I'm spoiled. I have a REALLY large hard drive (~140 Gigabytes!) and it's less than a quarter full.
So right now I'm not burning anything to CDs for storage reasons. But you definitely could.
I've been trying to figure out how to have my elements available for my laptop when I'm going to a crop. So I've been trying different methods of moving elements to CDs to use on the laptop. I haven't come up with a great solution yet though.