(Edit: Was answering the first reply. Glad to see you got it sorted )

Yes but a CD will fit 80 minutes of audio, it has nothing to do with filesize

A CD will fit 700MB or 700.000KB (Filesize)

The tool I linked to will cut the file in 2,3,4 or as many pieces as you want (Lenght not filesize. Filesize will be split according to length)

Make a copy of the tracks then edit the copies as you like. Just incase something goes wrong then you still have the originals.