You do not need a powerful computer (£599 job from PCW will be more than enough) but an external HD is a good idea as it keeps the songs safe. Copy using Windows Media Player (>2 mins per CD)and store the songs on the HD. WMP will then get the track titles and album cover so you do not have to mess about typing...you will need an internet connection but the service is free. I have over 200 CDs on my external HD and there are only 3 compilations that WMP has failed to get the track names . You can use Windows Media Player to sort out your songlists as well, it is triple easy and the player is free.
You will hear the anoraks stating that you can tell the difference but I use Celef studio monitors connected to Naim pre and power and I cannot tell the difference between CDs and the ones from the HD.....so there!