CD burners don't draw all that much power, at least relative to a hard drive. I doubt you'll have to worry too much about your PSU.
One thing you *will* have to worry about is PCI bandwidth. I'm sure you've seen how fast you can lose your FIFO buffer when burning a CD, especially at something like 32x. Imagine how hard the system will have to work to steadily stream data into four drives. Not to mention that each pair of drives will be sharing one IDE connection, which means you'll be on borderline performance anyway.
I'm not saying it can't be done, and certainly for the money it's the way to go...just be sure to take all these things into account before you start hacking up a chassis and going to town.
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