It depends on how you want to copy it...
If you have another CD drive in your computer in addition to the burner, you can duplicate the disc without ripping to wav files on your hard drive. However, I prefer to rip everything to wav files, then burn. Less likely to have a buffer underun or some other problem when burning.
When you burn a wav file to a CD as an audio disc, then it becomes a cda track that will play in a CD player. Most CD players that were made in the last few years won't have an issue playing CD-Rs, but there are some strange combinations of burners, players, and media that can cause problems. Most of time it's cheap media in combination with a certain burner or player. In any case, you want to make sure you are burning the disc as audio and not data. If you burn it as data you will just have a backup copy of the wav file.