@ doomy I promise i wont take the P!$$
But....
Why the chuffin heck are you trying to do it on an Amiga when it says in your sig you have an P4 :-P ?
On a serious note. A CD is 800 Meg Roughly so say at least double if you want to work with full CD's.
If you want to edit CD's / Songs
Memory should not be a problem as you dont have enough to do RAM editing anyway, so you you'll be using hard disc based project.
Recording CPU wise you should be OK Editing wise forget it. I find HD editing 60-70 meg AIFF files slow even on an 060.
I recommend Samplitude Opus / AHI Record You will need a sampler as well such as the excellent Meglosound from hisoft.
If you want to burn mp3's straight back to CDROM on the fly then you'll need mpega.library and a burn proof writer that does not suffer from under runs.
Saying that bin the 2000 get a 1200, stick a mediator in it, an 060, soundblaster 128, voodoo 3 and you'll be sorted.
:-P