[lmcmains]

Conclusion: Fair Use Protects CDG Owners
The owners of Karaoke CDGs, facilities, mobile hosting services and consumers, have invested substantially in the purchase of large libraries of Karaoke CDGs. Allowing them to copy the contents of their CDGs for backup or format-shifting to hard drives would also be a fair use, and is entirely consistent both with the legislation on copying digital media passed to date, and with traditional fair use analysis ruled on by the US courts.

This was dated 2004.
I guess you have to use your own judement if you want to do it or not. There is lots of out there have been doing it for quite a few years without any proplems.