Edit an audio CD track

Is there software that allows one to edit an audio CD track directly, rather
than encurring the loss of first converting it to a wav or mp3 or other
analog file format?

Not that i know of.

There should be no loss in quality when you (digital) decode the audio contents to a uncompressed wav file. ExactAudioCopy can do this for you. The wav file can then be edited in various products such as CoolEdit.

Lots of software is available to rip the track as a WAV…with no quality loss as Mr B says.

What do you want to do to the track? Maybe you want to look at various editing softwares…?

Can’t directly edit the audio CD track, import the audio CD track to PC, then with Mp3 editor, FlexiMusic Wave Editor , Convert the audio CD track to wav file format (not to Mp3 or any analog file format). It is better to save the master audio file in normal audio format (*.wav) and use it for editing, so as to avoid the loss of conversion.

That is not true.
The audio is there in RIFF WAVE format which you can rip without loss as WAVE (intel or Motorola encoded) to hdd.