To illustrate, you could record the output of the CD as played through a couple of tin cans connected by a piece of string, and it'd still be 16-bits and 44.1kHz, but that doesn't mean it's going to sound good.

The quality of such an analog recording would depend largely on the quality of the DAC in the CD-ROM drive (probably lousy) and the quality of the ADC in the sound card (also probably lousy). Oh, and that piece of unshielded cabling wending its way through the interior of your computer.

Of course, it's still likely to be better than the tin cans and string.