In the past, this is what I have usually done. However, it seems I under-estimated just how much stuff I needed to save, I've moved over 7GB over to my other hard-drive and I still have a little more to do. My CD writer isn't exactly the fastest in the world, and it would probably take 10-15 CD's. I think it's actually quicker this way.
I don't quite know what's taking up 7GB though, it's mostly school work and things.