No. The way to do it would be to use whichever audio program you normally use to extract the songs. Then convert to whichever format. mp3 format is most popular. However some people share aif, wav & other lossless formats. A high variable bit rate for mp3's is best.

Then to add them to shares, go to LW's menu bar, Tools > Options > Sharing & press the Add button & direct LW to where the folder of music is.