Lets presume each of the 24 songs in question (of the 1702 songs being shared by that IP) is available on itunes with a price of 99 cents. Lets also presume that statutory damages were actually limited to the revenue lost by the company (which they apparently aren't). And finally that the 24 songs were each 5MB and the cable modem had an upload speed of 256kbps.
For the 24 songs in question to incur $80,000 in damages each, therefore, they would have had to be downloaded a total of 1939394 times, for 9696970MB of downloads. This would, at 256kbps, take 3507 days (about 9 and a half years). Kazaa had only existed for about three years at the point of infringement. Also, for that matter, that ignores the remaining 1678 songs.
Going the other direction, if all 1702 songs were saturating the upload speed of the modem for the history of Kazaa (call it 3 years even to make things easier) you'd have been able to upload 1009152MB, or about 201830 songs, divided evenly over all 1702 songs that's about 118 times each. At 99 cents each that's $2803.68 in statutory damages.