The point there, Stilly, is that someone paid for the original. So the artist got their cut, the label got their cut, and what happens to the LP / tape / CD / etc after that...

I took Dave's title at face value. Ethical. If you've paid for a legit copy, it's yourn, and if you don't seek to profit or to deprive the original owner, then... Etcetera. As Bw suggests, it might not be legal. But it still feels ethical to me!