What do you mean LW CD Extractor? LW doesn't include anything like that from the official site: http://www.limewire.com/english/content/home.shtml

You can extract songs using iTunes if you want to extract songs from a CD. To burn them, add them to iTunes library in the techniques discussed in the Sticky at the top of this section.

If you want to share iTunes files, then find the location of the iTunes library. Then add it as a shared folder. 1. See How to Share Folders (click on link), & also 2. iTunes shared library

Your iTunes Library folder will most likely be found somewhere like C:\Documents and Settings\"your account name"\Music or iTunes or Music\iTunes, etc.

When you extract songs from the CD, it's best to convert to AIFF or WAV & then convert them to mp3.

If you downld mp3's, it's best to not adjust them. Just add them to iTunes, then burn as mp3 or data disk or as a full audio CD.