You can use Medieval CUE Splitter.

http://www.medieval.it/cuesplitter-pc/menu-id-71.html

You can also do it in Foobar2000 which is in my opinion best player for your audio files. In it you can split/merge convert etc.

.cue files are always good to have in case you want to merge them again (you can't do it without it). Also i never split files cause with .cue file i can play in Foobar2000 all songs like on original CD with original spacings between songs and all. Once you open the .cue file in Foobar you get song list to choose from, just like if they are separate, so separating is pointless unless you just want to have certain songs from CD.

I hope it helped.