Yep - if you are so inclined you can also directly edit the mp3 files, with a hex editor, as long as the gaps between tracks exist, they will show up as a series of zero's. Just extract segments which run between the series of zero's to a seperate file.

You then need the header from the start of the file to be grafted onto each segment you extract.

It is easier to use software as mentioned above, but if you are into mucking about and learning things, it is a an interesting exercise.