I can't remember the label off the top of my head, but I've got a Velvet Revolver CD which won't rip/copy
When you browse the CD it comes up with a compressed player file containing all the music
Works fine in an audio drive.
Sounds like your problem is iTunes (I Don't use it myself, so I'm only guessing) being in auto-search-for-updates mode
Try clicking Update? - NO and see if it works.
If not, try playing it using a different media player (MS Media Player/Nero Showtime/Real Player/Quicktime)