Yes, it can. Just follow these steps:
- Select the part of the song
- Press Ctrl+R to add that part to region list. You can add as many as you like.
- When done, press Ctrl+Shift+R to open the region list
- Now select the menu Bookmark->Copy Region(s) to CD
Another way you can do is use the option "Edit->Save select region as" to save the part in your local drive and then use your burning software to copy to Cd