Ripping my DVDs to my computer question (external DVD drive?)

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Futureman

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So I have an iMac that will be two years old this October. The drive is a "Slot-loading 8x SuperDrive with 2.4x Dual Layer burn (DVD+R DL/DVD±RW/CD-RW)."

Would it be a good investment to buy an external DVD drive for possible faster rips of my DVDs? Would there even be a noticeable speed difference? How much would the drive cost?

Also, recommendations for an external hard drive? I guess it would make sense to go with at least a terabyte sized drive?
 
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