Yes, you can copy songs that you ripped from a CD to your Home Sharing computer.
Turn on Home Sharing first on both computers. To do that, go to File > Home Sharing > Turn on Home Sharing. Enter your Apple ID and password.
Now go to your computer that you want to copy the songs to and connect to your Home Share. You can do that by clicking on the popover button located at the left top corner right below the play control buttons. Click on it and scroll to the bottom until you see your Home Share and select it.
Go to Music in your Home Share. Select the songs that you want to copy in your Home Share and click Import at the bottom right corner.