Buy som external storage... Bigger the better, once you have backed up info and old photos, store the HD off site.
Personally I have 5 externals and 2 inernals-
Internal 1 - 250GB I leave this as empty as possible (means your machine will run faster)
Internal 2 - 250GB I also leave this one basically empty and use it as a scratch disc for photoshop
External 1 - Photos in Progress 160GB
External 2 - Photos in Progress Back up 160GB
External 3 - Other Media 250GB
External 4 - Finished Images 250GB
External 5 - Finished Images Back up 250GB
Total Drive Space - 1.5TB
Drives 2 and 5 I keep off site and do periodic back ups like one every week or two.
Obviously you don't need that many, I'm just paranoid

A laptop wouldn't work great since the HD's aren't that big, you could buy a heck of a lot of externals for the price of a laptop.