This being my first mac, I have big plans for it, being that they're supposed to be all that and a bag of chips when it comes to media management.

OK, here's my plan. I have all these old cassette tapes I want to transfer into iTunes so I could listen to them on an ipod. At the same time I want to burn them to cd so they can be played on any commercial cd player (car or home audio), and I also might want to possibly back all this up on a usb hard drive so when I upgrade computers in the future I (hopefully) won't have to go through this whole mess again. Tapes and cds being what they are, I want all this stuff safe for the future. I bought a copy of Toast 7 with my imac. I was wondering what would be the best way to go about doing this?

I also have some old vhs tapes I would like to archive in the same manner.