Is there an editor out there somewhere that will allow me to extract the audio files? I'd like burn a CD of the music and some of the sounds effects would be cool to add to a Tribes sound pack.

Try on TeamBG site.
http://www.teambg.com/

Geting the music is not too bad although you'll find that most of it has been broken up into small sections that load depending on game situation. So you might have to do a bit of composing yourself :).

You can get a program to do this from Sorcerer's BG1 section. If you look at the various parts of Sorcerer's, you'll also notice that there are several sound sets already ripped that you can use. This might save you a fair bit of time.

Of course I don't know what exact sounds you are after so I can't point to a specific place other than the music ripper programme, which you'll find here:
http://www.sorcerers.net/Games/BG/index_misc.htm

You might also find this link has some usefull background:
http://www.sorcerers.net/ubb/Forum3/HTML/000120.html

Good luck and let us know how you get on.