Simply put, the license belongs to the library and they grant you the right to listen to the CD on a short-term basis, not make your own copies of it. Thus, if it doesn't work there isn't much to it as there should have been no expectation to begin with. Also, the license issue exists in the first place because some people will borrow/rent CDs and DVDs, copy the content, and keep it long after they return the original media. That falls under the realm of piracy, and is something they want to prevent. Thus, there are limitations that would not be there if everyone were honest and law-abiding. It would be nice if that weren't the case, but not much can be done.


P.S. DVD Shrink is officially outlawed in several countries due to its abilities to circumvent copy protection, a violation of the Digital Millennium Copyright Act, among others. In cases where it's needed, something wrong.