You can do anything you like with a good Sound Editor.
Copy and paste is essential for what you want to do.
I use CoolEdit and Goldwave, but there are a lot of them.
Soundforge is another good option.
If you want to create an only file off a full album, you can also use copy and paste unless you have got a Plextor CD-Rom. Plextools, included when you buy such a CD-Rom, can do it.
I dont know if there´s an audio extractor capable of doing that;
I guess so but I dont know.