It's called the MP3 format. Learn it, love it, and remember to feed it three times a day.
Seriously, rip everything you have into MP3 format, and put them on standard CD-Rs (still in MP3 format). You could fit 200 songs on one disk. That's ~20 albums on one disk. Last step: get a CD player that plays MP3s.
If you still want to keep all the goodies that come with them, there are two ways you could do this. Either develop your own Dewey Decimal System (you could even tie it into your computer) for the booklets (if the majority come with booklets), or remove and/or cut out all the info/goodies you want to keep, and make your own booklets to fit in with your burned MP3 CD (which means you'll most likely need the large CD cases). Either way, your CD stack would be between 5%-10% the size it was before. Finally, just put the original CDs in a couple spindles in case you lose a song somewhere.
Though this is assuming you have one looonng rainy-day with nothing better to do.