Place the audiobook into your CD/DVD ROM. Open Windows Media Player if it is not the default player that opens up. Close any other player that is open. At the top of WMP are a string of tabs. Click "Rip".
Right click the "Rip" tab and scroll down to "More Options". Click the "Rip Music" tab. Click the "Change" button of "Rip Music To This Location". Specify where you want to save the ripped tracks. Under "Rip Settings", click the arrow and make sure the Format is WAV. Click "Apply", then "OK".
Click the small squares next to each chapter that you want to rip from the CD. At the bottom right corner, click "Start Rip". Close Windows Media Player once it's finished ripping. The CD tray should automatically eject. Take the CD out of the tray and push the close button on the CD/DVD ROM.
Open your audio editor. Click "File", then "Open" in your editor. Find one of the ripped audio files and click on it. Do this until you have two or more open. They will have their separate windows in the editor.
Listen to the first audio file by pushing "Play" on your audio transport. Once you reach the the place where you want to insert additional audio, press "Stop". A flashing cursor or line will appear at that place. You can click on the file for a more precise location. Switch to the second file and highlight the file (by pressing "Ctrl+A"). If you only want to insert just a portion of the file, find the section by listening to the file. Once there, highlight it by left clicking where it begins, holding the mouse button and dragging it to the end of the section. Copy that section (Ctrl+C).
Switch to the first file window and paste the section from the second file (Ctrl+V). Go back to a little bit before where you pasted the file and push "Play". Listen for anomalies such as clicks, pops or noise. Click "File", then "Save As" to save your new file.