From a strictly halachic standpoint, it is Muttar to copy Cd’s. It is YOUR property, and Halacha doesn’t recognize an idea or intelectual concept as something which can be copyrighted, and thus it can’t ever be considered ‘stolen’.
Therefore, many CD’s now say on the flap, that they are not being sold to you-only leased. In this manner, there IS an Issur Geneiva. There is a sefer that was published dealing on the matter of Copyrights (I forgot what it is called) and in that Sefer, he gives advice to those singers who don’t want their CD’s to be copied. He composed a text describing the ‘sale’ as merely being a lease, and therefore subject to the terms of the leasing agreement. I have seen that exact text quoted verbatim on CD flaps. In only those instances where that is written on the CD, is it Geneiva to copy them.