I've also experienced a few errors when burning CDs through iTunes. I don't remember the exact error number though, so my problem may be different than yours.
I quickly realized that the problem was dependent on which songs I was burning, and when it occurred was dependent on the order of the the songs in the play list.
Turns out I have a few MP3s that are probably corrupted and cause iTunes to choke when converting them to AIFs. There is no problem playing these files, except perhaps some pops and clicks in the sound.
This might be your problem. Your error number looks familiar, although now i'm thinking mine was actually -51 or something like that...
YMMV
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