I tried this once and it worked great. If you know Linux (or know a friend who knows Linux), it is not difficult at all to create digital images of your music CDs and build a digital jukebox.
But to answer your original question, once you have an image of the CD, all you should need to do is to burn that image back to a blank. This is fairly easily done with software available for just about any operating system you might use.

Note: There is the Audio Home Recording Act to keep in mind, so please burn responsibly.

If you want to extract single tracks, like Gonk said, FLAC is the way to go.

Good luck.