I don’t think so. And this is only one reason this feature is almost worthless in all Sony applications. Try Easy CD-DA Extrator from Poikosoft. It’s a very good application with many features and it supports a huge number of audio formats. You can download a free trial from:
I wouldn't call it worthless. The reason that feature exists in Vegas is so that one can use tracks from CDs in projects that one creates in Vegas. For that purpose, most people would want the highest quality rip possible. The .wav files that Vegas creates are exact copies of what's on the CD with no compression at all.
It's very useful and worthwhile.
If you wanna just make .mp3 files from a CD then Windows Media Player does this just fine and it's already installed on your computer for free.