Open the GoldWave application (Start->Programs->Goldwave)

Click the "New" button on the buttonbar.

Select the sample rate and bits per sample. For Radio Quality, set the bits to 8, the channels to mono, and the sampling rate to 22050. Telephone quality is 8 bits per channel, mono, and 11025hz sampling rate.

Also, choose a time duration for your sound. 20 seconds should be sufficient.

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Select Goldwave Tools->Volume Control. This brings up the system's control panel for sound. In the Volume Control panel, select Options->Properties. Click the button for Recording, then click "OK". Move the Recording Balance slider down a little, to the 2nd or 3rd notch. Close the now-called Recording Control (was Volume Control) panel.

Go back to the CD Player. Start playing your CD. While the track is playing, go back to Goldwave. When you reach the point you want to record, click the red Record button on Goldwave.

There! Now you've recorded your sound.