No, you have to make a cue/bin image of the CD and mount it with imgmount.

You can make a cue file (http://en.wikipedia.org/wiki/Cue_sheet) that has an iso file system as track 1 (if it is a data cd) and the others as audio files, this can be everything that the SDL_sound library (http://icculus.org/SDL_sound) supports. The library is quite buggy, but I think mp3's should work. I can give an example if you need one.

Oggs and mp3s definitely work in a handwritten cue file, I usually use that.