Sure. Lots of ways to do this. Personally I would convert the DVD to DIVX(or AVI) format(google it, lots of free tools) then convert the DIVX/AVI to MP3 using "Media Converter SA"(the downloaded one, not the online one) also free.
There are other programs which can demux the audio out but since DVDs are multiple files, it's easier to convert it to one single Divx or AVI then get the audio out of that.
Thanks Malsua. I downloaded DIVX and totally confused as to which program to run and how to create MP3 or WAV files from DVD in my drive. Any suggestions is appreciated.