StriderXzX,
you are entitled to make a safety copy of your Freelancer. Microsoft has always granted that right even for their OS. Another option is, make an ISO of your Freelancer disc. That way you don't need a physical disc at all = no worries about wear down. A reliable program is here Freeware MagicISO Virtual CD/DVD-ROM(MagicDisc) Overview
Legally, you have the right to use the program. You do not own the program. But legally, your right to use the program is not limited by time or wear of media. Unless it is specifically limited by time, you have the right to ensure your right to be able to use the program.
I bought a Windows 7 Professional from Microsoft, I have the right to download it 20 times. That's what they give me. Personally, I may take...
Sorry if it get's boring. Life has so many aspects.