I'm not saying this way is the best way but it works for me.
I just open the file in Audacity,
trim off the junk at the beginning and end (I always save the original files unaltered),
add a fade in and fade out to the beginning and end if it needs them,
start a label track and add a label the beginning of the first cut,
add a label at reasonable points between songs (go in order from beginning to end, if you go in any other order and then remove a section the labels will be in the wrong places, I cut down long silences between songs if they loose continuity),
then either normalize or amplify the whole file as needed (rarely any other modifications like EQ),
then once all the labels are set choose "export multiple" and go away while Audacity does its thing.
You may want to get fancy and add crossfades etc, as needed in places. The presets for Audacity will save the individual tracks as 44.1/16 unless you tell it otherwise. There is a workflow for Audacity somewhere on this site that gets into the details of the settings but this will work straight out of the box.