You get your copy of the song on that CD. You can transcode it, make a backup of it, play it on any of your devices, and destroy it. What you can't do is dist

You get your copy of the song on that CD. You can transcode it, make a backup of it, play it on any of your devices, and destroy it. What you can't do is distribute anything other than the CD you purchased, and the right of first sale ensures you can sell or give that CD away.