Hello,
From what i gather, you are only interested in the audio on the VCD you have and not the movie itself. There is a program called
Audio Hijack which will ''hijack'' or extract the audio from any application.
In your case, you will use VLC player to play the video file and while this is happening, Audio Hijack is extracting the audio into an AIFF file, which you can then convert into an mp3 file (and import) using iTunes.
Now i do not think there is a program or way i know off to just convert a VCD to MP3, but you can extract the audio using Audio Hijack.
It's a very useful and simple tool and i use it all the time.