If you extract the whole CD by tracks you'll get individual WAV files for each track. Drag these to the timeline in one step, then under tools use Lay out CD from events. This will insert track markers for each song.
Another thing you can do is once the songs are extracted and sitting in the media pool, then goto the media pool and select them all. Right click, then select "Add as CD track". All the songs will get added to the timeline with CD track IDs from the point at which your cursor is on the timeline. The silence spacing time of the tracks is defined by the value you have set in PREFERENCES>EDITING tab.
Drag these to the timeline in one step, then under tools use Lay out CD from events. This will insert track markers for each song.
In case anyone's interested, Kelly's suggestion does work if you insert the 2 second gap between each .wav first...thanks Kelly.
Randy