Hello Ovid,

I suggest using either RealBand or PowerTracks Pro Audio for this.

When you open the MIDI file, you'll have each instrument on a separate track, and you can mute each one as needed. I would suggest, if you have the Roland VSC-DXi (included with Band-in-a-Box), use this rather than the GS Wavetable. This will sound better, and will make converting the MIDI file to audio much easier, via the Audio menu | Merge audio and DXi tracks to stereo wave file. If using the GS Wavetable as your MIDI Output Driver, you will need to render the file to wave by recording it in real-time.

Once you have the wave file, you can burn that to create an audio CD, using either the simple CD burning application MINIBurn included with the program, or with a third party application. There are instructions explaining how to render to wave here. The instructions apply to either PowerTracks or RealBand.
http://www.pgmusic.com/tutorial_ptwrender.htm

Andrew
PG Music Inc.