You can if they already have the CD. That's just plain fair use.
https://w2.eff.org/IP/eff_fair_use_faq.php
Although the legal basis is not completely settled, many lawyers believe that the following (and many other uses) are also fair uses:
Space-shifting or format-shifting - that is, taking content you own in one format and putting it into another format, for personal, non-commercial use. For instance, "ripping" an audio CD (that is, making an MP3-format version of an audio CD that you already own) is considered fair use by many lawyers, based on the 1984 Betamax decision and the 1999 Rio MP3 player decision (RIAA v. Diamond Multimedia, 180 F. 3d 1072, 1079, 9th Circ. 1999.)
Making a personal back-up copy of content you own - for instance, burning a copy of an audio CD you own.
Yes you can backup or transfer your copy to other formats or media. But you cannot redistribute that copy to others, even if those people have a license for it.
And yes, archival and format-shifting is possible because of fair use clauses, but those clauses do not extend to redistribution of the work as a whole, even if done for noble purposes and in the public interest.
And even in cases where you could redistribute parts of the work, with the purpose of criticism or parody, the end result and intent matter a lot when judging if fair use clauses apply or not.
I don't think it's clear either way.
One famous case is this one: http://en.wikipedia.org/wiki/L.A._Times_v._Free_Republic
The judge held that "while defendants' do not necessarily 'exploit' the articles for commercial gain, their posting to the Free Republic site allows defendants and other visitors to avoid paying the 'customary price' charged for the works".
(1) the purpose and character of the use, including whether such use is of a commercial nature or is for nonprofit educational purposes; (2) the nature of the copyrighted work; (3) the amount and substantiality of the portion used in relation to the copyrighted work as a whole; and (4) the effect of the use upon the potential market for or value of the copyrighted work.