You definitely can, and you could maybe use software you already have. Basically you need a recording program, and one that converts it to mp3, Depending on what you havem it might well be the same program.
I actually use musicmatch, but this is no longer available, so I don't know what alternatives there are.
You also need a lead from your casette source to the line in or mic (line in is better) on your computer.
The volume (source)and recording (comp) levels will have to be adjusted to find the best, and this is a bit of trial and error, but workable,
The other thing to remember is that it has to be done in real time - fine if you only have a few tracks, extremely time consuming if you have many. Might be an idea to source some tracks you need elsewhere, Limewire or something.
Once you have the mp3's (less space needed than WAVS) burn the cd as you would.