As BinaryC and FireFox31 said, Tag&Rename does this. It can look up data from allmusic or freedb. You select tracks and it will look up the information using the folder name (I believe). It requires a couple of clicks on your part but it's very easy and convenient. I tag most of my CDs this way.

From the help file,

Connect your PC to the Internet
Select files from one album
Click the "Get album titles from allmusic.com"
Search for this album in the opened www.allmusic.com site window
Press "Get info" button when you have found the album information
Sort files and titles using the "Move file up" and "Move file down" functions or drag and drop
Select what information you want to save
Press "Write tags"