Q: audio cd will not play

will launch and play on MacBook Pro

And what are you trying to play it on now if it works in a MacBook Pro?

Any error messages?

Restarted the computer?

Does it appear on the desktop?

Will it play in Quicktime.

Any other information you would care to share?

Multiple discs. It wouldn't be surprising if your optical drive was starting to go.  You can try a lens cleaning disc but there's limited success.  iTunes could have slowed down because it was busy trying to re-read the disc.

Same problem with both discs (including the commerically produced one)?

You will have to do carefully planned analysis.  It could be everything from dust in the drive to a mechanically failing drive to an issue with your software to the computer's firmware.

One thing is I cannot recall this actually being an issue related to iTunes itself.

I know nothing about your computer.  With some you can reset system management control.

http://discussions.apple.com/thread.jspa?threadID=1953208 - optical drive problems troubleshooting

http://support.apple.com/kb/TS2288 - Troubleshooting a CD-ROM or DVD-ROM Disc That Does Not Appear on the Desktop

http://support.apple.com/kb/HT2801 - Apple Portables: Troubleshooting the slot load optical disc drive

https://discussions.apple.com/message/17860240

I had the same issue. 

Both with Apple Superdrive, and generic drives.

Tried reloading my OS - now I'm able to play audio CDs with no problem with Apple Superdrive and generic (LG) drives.

Hope this helps.