With your chromebook you probably received a lot of storage space on googles gdrive. Either 100 GB or recently 1 TB as mentioned in my blog. This is a lot of space. I would like to give you some ideas for use cases.
Todays use case it is about storing your audio flac files (uncompressed audio format which can even hold high definition audio with sampling frequency and resolutions higher than CD, which is 44.1kHZ / 16 bit). MP3 was invented to reduce storage space as it was limited that time (in the ninetees). Bandwidths of streaming were limited as well (I just remember my modem with 56kbaud). MP3 sounds great considering the 11times compression factor, but today we can afford to store and stream full quality of the audio information.
For mobile devices the flac files are still huge. An CD music album can be up to about 500 MB / 0.5 GB big (with high definition audio the number is growing even more). For an iphone or other mobile device with limited memory space you can store not too many albums. Same situation we have with the chromebook. They are usually equipped with 16/32 GB SSDs only. So, better do not use as your flac library. If you cam limit your flac consumption to WIFI equipped area there is one nice solution to the issue: cloud storage.
If you rip the CDs to your gdrive you do not stress your storage capabilities on your devices. Unfortunately so far it is not possible to RIP CDs on a chromebook. But other OS can rip CDs with free software like foobar to the gdrive. Then you can enjoy it on your chromebook by using the internal audio player (see my blog) by streaming it from the gdrive directly.