How do I duplicate an audio CD on Lion without importing tracks into iTunes?
Toast ($99)
Lets you capture, copy, convert, share and burn discs
or
Burn (open source)
again does the same but a more basic version which is free.
You can use the Disk Utility (included in OS X, Applications -> Utilities -> Disk Utility) to create an image of a music CD. You can then eject the source disk and with the same Disk Utility you can burn the disk image to a blank CD-R.