Ah, you’re right. CDwave only does uncompressed files (.Flac, .wav, .ape and sony64).
So you’d have to blow it up to .wav and then split it, which would take considerable hard-drive space for an 8-hour mp3.
Still, it’s easily done via different free software, Audacity. Audacity is a sound editor–it will show you the waveform. It’s obvious where the silences are for cutting.
You still need .wav-size space, about 10x the size of the mp3 file, on a hard drive somewhere, because Audacity converts to its own uncompresssed format, .aup, which is the size of a .wav file. Then you highlight each section and Export as mp3.