Hi Josh,
The D-16 is an older model I think; I have the D-8.
If you want to get the separated tracks into a pc for editing you will need to have a soundcard with optical inputs and a 44.1khz sampling rate.
Hook up the D-16 to the soundcard and set the Korg up to do a "Backup" (your friend will know what this means.) In your recording software set up a stereo track. Hit the backup on the korg and "record" on your software and you should get 1 long stereo track consisting of pairs of tracks from the D-16 That is, you will get tracks 1 and 2 followed by tracks 3 and 4 etc. and in between the pairs of tracks you will get a "sound spike". (This is used by the korg when restoring backups into the machine.)
All that is left to do is cut your pairs of tracks, copy them to another stereo track, line-up the sound spikes and you SHOULD be good to go! (whew!)
OK, I know it's a bit fiddly, but Korg never meant for these older models to be exporting stuff to pc's and the like. The newer models may do it easily, I don't know.
Hope this gets you somewhere close to where you wanna be.