I'd also love to be able to do this. When you pop the disk into the drive it just shows up as a blank (but unwritable) CD. It does the same on a PC too. On a PC there are programs you can get (e.g. Karawin) which will play the files from the CD but you have to pay the companies who make the software to get the files of the CD so maybe it isn't even possible to read them in a standard CD-ROM?
Well... according to this site there is a player for the Mac... or at least the source code for the player... not sure what OS it's written for but some programmer might be able to update it.
Edit: I went link hopping and ended up here... http://www.ktunes.net/ Also here is some info on the CD+G format (for programmers of course).
Check out this link. It seems to be a cdg player for the Mac that resembles iTunes. I'm going to try it out now. If this works, it'll save me $400 from having to buy a MagicMic.