Rip the CD to AAC. You can join tracks if you'd like, and considering how it's just spoken word, it's not a big deal to lower the bit rate as low as 32 kbps. Find the file(s) in the library. Right Click, show file. In the Windows Explorer window that opens, go to Tools>Folder Options... on the menu bar. Click 'View' (middle tab) Make sure that 'Hide Extensions For Known File Types' is unchecked. Click on the file you want to 'audiobookize.' After clicking and waiting a second, it should become 'editable.' If it doesn't, press F2. Change the last letter of the file fomr 'a' to 'b.' ex. 01 - title.m4a to 01 - title.m4b Go back to iTunes. Delete the files from the library. Drag the edited files into the library. Sync to iPod.
