Here's what you do. Go ahead and rip the CD as a single file. Now open that file in QuickTime Player and go to File -> Save As. Now be sure to "Save normally." Don't worry about the .mov extention because iTunes will accept it. This way you get a separate file that is only about 3k. Now copy that file so that you have a copy for each song on the disc (just option-drag inside the same folder). For The Wall, you would want to have the original mp3 plus 13 mov files. You might want to rename the mov files to match the song names.
Now you will drag the mov files to your iTunes library. In iTunes, you will play the full track and take note of where each song begins. Obviously, track 1 begins at 0:00 and track 2 begins at 3:00 (for example), and track 3 begins at 6:35, and so on. Now, select all of the mov files in iTunes and get info on them. For each track, you will fill in the necessary info fields and in the Options tab, you will fill in the start time and stop time for each song. So, for track one you leave the start time at 0:00 and the end time will be 3:00 (the start of the next track). The second track will have the start time of 3:00 and an end time of 6:35 (again, the start of the next track), and so on.
Now whenever you want to listen to the entire album you can play the originally ripped mp3 and you will be able to listen to it without any interruption between songs (those interruptions are a real buzz kill). And if you want to listen to Waiting For The Worms, you can play just that one song without having to fast forward. You can also put the songs into a playlist and randomly shuffle them.
I have QuickTime Pro, so I don't know if this will work with the free player, but I suspect it will. However, I do not know if you will be able to burn the .mov files onto a CD. You might, but you would probably have to do it directly from iTunes since Toast probably won't recognize the start and stop tags.
Yeah, I know this is sort of a long process, but you just have to do it once for each CD and it will save you some hassle in the long run. So there you go.

