Hi, I'm trying to turn the songs I play on the M50 into a CD or DVD without purchasing expensive equipment. I learned from a tutorial on the sequencer (Rich F) that I can do that with a "multi-disc recorder" or a "hard disc " recorder.
That sounds to me like I can somehow play and record directly to a DVD or can the computer (with the editor) replay or convert the file somehow?
I'm new at this entire thing, so sorry to ask such basic questions.
recording with the computer
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A hard disk recorder is a quite expensive external device.
If you have a computer, you can better use a software application (dont'know if those are free) and a DVD burner.
If you have a computer, you can better use a software application (dont'know if those are free) and a DVD burner.

Developer of the free PCG file managing application for most Korg workstations: PCG Tools, see https://www.kronoshaven.com/pcgtools/
if you can afford it i also recommend an external usb sound card. i got a second hand one for 50 e. you'll improve the recording qualify. built-in sound cards are crap fot these works.
100% hardware made. All is done in a Korg M50 internal sequencer. Now updated (7/09/12) at http://www.hispasonic.com/akmon
m50 do no stream audio over usb, so to record anything to your pc and from your pc to any digital support (cd, usb key etc etc) you need:
usb or firewire audio interface (recommended) or at least a stereo audio in in your computer
a software that enables you to record the audio, the most famous are sonar, cubase, pro-tool or logic and garage band on mac. they are all not for free, but you may try free solution or almost-free solution like audacity or reaper
connect audio out (L/R better than only mono) to the audio interface (or to built-in audio in of your pc) and the audio interface to pc via usb or firewire (this do not apply if you use built-in audio in...)
open the software, select the correct audio interface (the external or the internal one) as audio input, create a new project, create an audio track, select as audio in of the track the audio interface, arm the track, press rec and start playing
then you can save the recorded audio as .wav or .mp3 or any other audio format you like

usb or firewire audio interface (recommended) or at least a stereo audio in in your computer
a software that enables you to record the audio, the most famous are sonar, cubase, pro-tool or logic and garage band on mac. they are all not for free, but you may try free solution or almost-free solution like audacity or reaper
connect audio out (L/R better than only mono) to the audio interface (or to built-in audio in of your pc) and the audio interface to pc via usb or firewire (this do not apply if you use built-in audio in...)
open the software, select the correct audio interface (the external or the internal one) as audio input, create a new project, create an audio track, select as audio in of the track the audio interface, arm the track, press rec and start playing
then you can save the recorded audio as .wav or .mp3 or any other audio format you like
recording M50 with a PC
Lots of good information -I thank you for your help.