MP3's are stored on a server in my basement and each of us copies what we like to our own laptop. But the rule is anything to rip, buy or download is supposed to go into an organized folder on the server, which is backed-up using Carbonite.

We haven't bought CD's in years. All the CD's we own have been ripped and are now stored in Rubbermaid tubs on a shelf in the basement storage area.

Any VHS worth keeping was burned to DVD before being sold (commercial) or sealed in a Rubbermaid tub (family movies).

DVDs are stored in DVD storage cabinets in the family room. Except for the few that are stashed in the back of my sock drawer.