In simpler terms... Most CDs are 74 minutes or 80 minutes in length. The 'x' is a multiplier...
So, if you have a 40x CD burner, it means that a 80 minute CD will take about 2 minutes to burn to that disc. Likewise, if you are putting a full 700MB of data onto the CD, it'll take 2 minutes.
DVD burners? Same thing, except DVDs hold a lot more data and have a baseline rate that is higher than CD. Not sure how fast a 4.7GB DVD would take to do at normal speed, but it's about 10 minutes or so for my 8x burner to fill up 4.7GB.
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