Engine Joe, it is true that iTunes can copy the songs off CDs, but it's not as straighforward as a dedicated CD copier. Here's the process, more or less.
  1. Change your import file format to AIFF or WAV. (You don't want to encode them as MP3s and lose quality.)
  2. Import the CD
  3. Create a playlist containing the newly imported tracks. Give it the same name as the CD
  4. Burn the tracks onto a new CD