No, you can't. Buying a disc does not give you the right to do what you want with the content. You really only pay like 50 cents for the disc, and the rest goes for a single use license to PLAY the game.
Now, the chance of anyone coming after you for transferring music files are slim to none, but the assumption that you have the right to do so is pure ignorance.
Actually I think, "transferring music files" inside your own computer (for example, for backup purposes) has always been acceptable in the United States. I can recall not One instance of people getting arrested for it.
I think most authorities and the Law define "transferring music files" as moving them off your computer, in most cases via file sharing services like BitTorrent. That and having Illegal content on your computer (either stuff you didn't purchase, or stuff like child pormography) - those land you in Jail very fast. Backup-up my own purchased movies? Never.
So yeah we are free to move files around on our own computer to our hearts content - I can make backups of my movies and DVDs (as long as I always have the originals and/or receipts of purchase). iTunes whines at me all the time to do exactly that, and offers me the ability to backup the files to CD _or_ any location on my computer (and lets my browse to that location as I choose).
What I do think is "New" and much more in the gray area are these Offsite drive services like DropBox which advertise as being private disk storage space. That I would be worried about in moving Any content to.