A standard 650MB CDROM will hold 74 minutes of uncompressed Redbook CD audio. That's essentially (other than a few headers at the beginning that use almost no space) WAV format audio at 44,100 samples per second, 16 bits per sample, in stereo.
2 (bytes/sample) * 44,100 (samples/sec) * 2 (stereo) = 176,400 B/sec.
176,400 (B/sec) * 74 (minutes/CD) * 60 (seconds/minute) = 783,216,000 B/CD.
783,216,000 / 1,024,768 (B/MB) = 764.286 MB/CD.
CD-R/RWs only hold 650MB because they have to leave extra space to account for manufacturing defects (commercial CDs don't have this problem because they're stamped). Higher-quality discs can set aside less space and so have more usable data area. That's why usually you can overburn 650MB CD-Rs to 700MB without a problem -- they're often the same discs they sell as 700MB, just the ones that didn't pass QC.
