I just saw your post, but would have told you the same...that it does read them, rip them, write them (with the appropriate programs)...and yeah, the Audigy-2 does kick major ass!
BTW, that's one helluva system you got there! Awsome....maybe the most loaded system I have seen. You must be running a 3rd country with that rig! Now we just have to get some sweet Rambus and Radeon 9800 lovin for ya. Pisser to be stuck with that much PC-2700 DDR though for the long term.