Yes.
MC needs to see each CD, so, load your CD view from the Drives and Devices section of the tree, as shown...
Go to "Tools > Options > CD, DVD and BD > Autoplay and set "Audio CD" to "Nothing"
Insert your CD, refresh, correct any metadata errors, eject, insert next CD, refresh, and so on....
When you're done, or earlier if you're curious, you need to create a view for your catalogue.
Right click on "Audio" and choose "Add library view"
Select the blank view option and name it something sensible like "Offline CD library"
Add at least Artist and Album categories.
Over on the right, in the "included files" section...
click on set rules for file display, hit the import/export button and paste in the following, without the quotes: "[Media Type]=[Audio] ~d=c"
Press OK
Press OK again
Remove the tick from "Use parent scheme rules"
Press OK and you're all done bar personal tweaking to suit your own tastes and needs.
If you need any more help/pictures, just shout.
-marko