It depends what your doing. Basically if you have one OS drive and the other Hard drive is your applications drive you want both hard drives to be master so it has the full system resources available to it. If the second drive is just storage, for your porn and stuff
have that drive slaved is not going to cause any noticeable performance losses. But since you say you have a burner, usually they work best as master (My old creative didnt like slave setting). But there is one way to test this... slave your burner and burn something at full speed and see if your cd rom can read it (test it on older cd roms too if possible) and if you get no errors or problems copying the CD's contents then its fine...
If your second hard drive is just storage I would slave it with my Master Hard drive on the Primary IDE slot, and on the Second IDE bus set the Burner as Master and the cdrom as slave.
If your second hard drive is an Applications drive I would set ti to master on my secondary IDE channel along with the burner (if that works like i said) and set my Boot hard drive as master on your Primary IDE channel with the cdrom. I wouldnt put hte cdrw on the same IDE channel as the Boot Drive becasue the Burner takes up slightly more of the bus than a CD Rom.