Changing Keyboard Functionality

I wanted to know why on my macbook pro, there is a 'CD eject' key that I use maybe once or twice a day and there is no 'backspace' key.

It would make more sense to have a backspace key since I use that hundreds of times a day while I'm typing. I realize I can hit Fn + Delete, but that's tedious and slows me down.

Is it possible to change the functionality of keys so I can drop the 'CD eject' button and switch it to a backspace function?

You'll probably need to find a utility which can remap the keyboard. The delete and eject keys are not ones that can be modified so the only possible way that I can think of is to remap. When I have my MacBook at home I use a full size Apple keyboard which does have the backspace delete key.