You'd want an MP3 file for each track on the 60 min CD. The size of the MP3 depends on the quality setting used, e.g. 192kbit/s vs. 256kbit/s vs 384kbit/s.
How do you intend storing the content of the DVD? As a direct copy of the DVD content (copy protection will be present if a commercial disk) it will be the same size as the space used on the DVD. If you rip the DVD and convert the movie to MP4 format or similar then it depends on the bitrate used for encoding and the resolution you want.
Answering the last question.... it depends. You could easily rip 40 DVDs and fit in 40Gb or less. The music will fit on the disk easily.
When converting DVDs to MP4 format or similar then (a) you need to rip and then convert from MPEG2 to MP4 using something. Hand Brake can do the conversion and (b) decoding an MP4 movie can take a fair amount of CPU time if you cannot get the GPU to help out.
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size of MP3 file new
size of MP3 file new
