I don't think so, or at least the older versions couldn't split the channels.
What you can do is use a free program called Audacity to split the channels into 2. You have to click on file properties or something to find the split function. Then you can save each channel as a mono file and work with them in Wavepad, which is a nicer program in most ways (or it was before the messed up 4.52 version was released).
E-mail me if you want an older version of Wavepad which works better.