i'm still using peak 4, but i think the same principals will apply. i assume you already know how to make track markers (apple-M or Actions > New Marker or there is a toolbar button that looks like a down arrow)
first make regions (regions are the segments of music between the markers):
Actions > Markers to Regions
then to separate the regions to individual tracks:
File > Export Regions
navigate to a location to save and name the regions/tracks
now peak does not really have a "quantize to cd frame" utility so after the tracks are split, use xAct (can be found at versiontracker here:
http://www.versiontracker.com/dyn/moreinfo/macosx/21952 among other places) to align on sector boundaries and it will also convert it to flac. as mentioned above. xAct is a great tool for audio compression, employing shn, flac, ape, shntool, and cd ripping
good luck!