Dragon NaturallySpeaking is the indicated application for this simple, yet complicated operation. It has the ability to transcribe audio into text using powerful tools.
After you acquire the software, you will be presented with powerful and simple tutorials on how to achieve your goal but the basic operation remains the same: insert the CD, select the output language and settings and wait for the software to complete its process.
Please note that it may take a long time based on the how much data is on the CD.