to copy or not to copy, that is the question!

this is something i have been thinking about lately. brought on by a sermon in chapel.
the issue at hand is what is legal or not legal when it comes to copying CD's. is it ever right or ok? how do you all feel about it? if a friend lets you borrow a cd, are you someone that strictly listens to it and then gives it back, or are most likely to copy it to your computer for you ipod or whatever? do you think it is right or wrong? what are your thoughts?
just a thought, just wanting some thoughts of others in the mix!