Reliably creating an audio CD image is slightly more complicated than just putting in the
WAV files; it's just that the most common WAV encoding happens to be the same as what's on CDs. CDs use the
RedBook standard, which is Stereo Signed 16-bit Pulse Code Modulation. (That's the default for a WAV, but not every WAV is in it. Though of course, these days, quite a few CD players actually know how to read data CDs that contain WAVs or MP3s.) I used to do a bunch of work converting between audio formats -- I was working on speech recognition software, noise reduction to clean up audio so voices were clearer, etc...
In any case, I believe on a Mac you can create a CD image by using the Disk Utility to create a blank disk image, using appropriate options (Size to "177 MB (CD-ROM 8 cm)", Partitions to "CD/DVD", Image Format to "DVD/CD Master"), and then once you have your blank, pick it as the target for a burn from iTunes. Subsequently you can burn unlimited copies from that image without having iTunes redo the process of encoding the audio and creating the headers with the track-break info. (I may be mis-remembering exactly how that's accomplished, but I'm pretty sure it can be done...)