Not as MP3's. Itunes doesnt do MP3. It uses Apple's proprietory format called AAC. It's basically Apples MP3 however there are limits to the tracks. You can only burn them like 6 times or so and then they wont work and you need to use Itunes to listen to them if you want to hear on your computer.
I believe Winamp may have an AAC plug in but its still crap.
Itunes sucks, its the best place for legal downloads because of selection but the AAC format is equivalent to about a 128k - 160k (at best MP3 rip)
There is a way around AAC though, download them, use a burn and then rip the track off the burned CD and then you can do whatever you want with them. Technically illegal but fuck Apple, they suck.