Yesterday I have tried this for a hour or even longer, it does not work. I tried different tools, that use different ways to read audio-cds, like exact audio copy with different settings. I also tried to play a audio-track from the cd within Mac-OS, while the VM was up and then inside the VM, what also did not work.
I have an usb-hd mounted and set up as shared folder, filled with music in the formats mp3, flac, mpc, ape, wma, ogg and so on, that plays through winamp and foobar. So a workaround would be to rip your music to flac and play them so from within the VM. But why do you want to play your audio-cd from within the VM? You can play them with iTunes or Quicktime and use the VM at the same time. You even can play your ripped music from within Mac-OS and use the vm.
I use this free tools from within Mac-OS to rip and play music:
Max - to rip CDs and to convert different music formats, wav, aiff, mp3, flac, mpc, ogg, ape, and others
Cog - to play all kind of different file-formats
Beatport Sync - from Native Instruments, to play and crossfade the most popular music-formats, except lossless wma, mpc and ape. There is also a windowsversion of this player, which is the "little brother" of the professional Traktor-DJ-software.
Again, at the moment there seems to be no way to play audio-CDs from within the VM.