Advice: CD's to Hard Drive and Back Again

OK I'm new to computer audio (not to computers or audio).

Here's the issue: Ripping CD's to the hard drive as a backup for the CD's and then burning CD's.

What's the best method and equipment (not format, let's assume a lossless format i.e. FLAC). My thought is that the CD drives on most computers are not that great for reading and recording the information accurately onto the HD (and vise a versa). Is there an audiophile quality CD drive for computers or is there a good method to hook up an external drive for recording? Any suggestions for software (I have both Nero and Roxio)? Perhaps there's a thread I didn't find you could direct me to as well (preferably a recent one since technology marches onward rapidly)

Thanks in advice to the techno-wizards of Audiogon.