Yes, Windows Media Player can rip the audio from movies if that movies are on a CD. Just insert the CD on your computer, launch the player, click the Alt key and from the Tools menu select Options. Open the Rip Music tab, select a destination directory, a format for the output file, the audio quality and press Apply:
Check the Microsoft Support page for further details. Also, if you want to extract the audio from a video file, I recommend you use any utility from Software Informer database.