Actually there might be a way
I did this when I was still playing 64, and chose to use the Red, Yellow, white wires for fun
You take the red, yellow, and white cords to your VCR and Nintendo 64
you connect the cords and the VCR together.

The red, yellow, and white cords are connected to the VCR, test it first to see if it worked. (change the channels on the VCR from 1,2,3,4,etc) and put a tape in the vcr and press play. Then turn on the nintendo 64 and press play on the vcr. If you can see the game and not the tape, you have done it correctly.

Place your blank vhs tape inside and hit record.
Now, of course when you are recording and listening to the music tracks, you have to watch/listen very carefully. Because each song doesn't stop it keeps repeating. Other wise you are going to get the whole song you wanted and also a little bit more of it again.

all the songs on Wipeout 64 together is less than an hour.
Also Jmoid you want to get the music from the ending credits on WO64 it's worth listening to.

After your done, if you have a DVD/VHS recorder, take the tapes you have and record them on cd
Check Ebay or some other shopping network place for the unit
It should cost about three hundred maybe four hundred dollars plus tax.
"I thats how much I bought mine"

Use that and record all the songs you had on the tape, put them into the cd, Wala, Wipeout 64 the soundtrack.
The cd works with computer and mp3's
enjoy
Also get a DVD R/RW disk
regular R/RW disk didn't work for me, but you might have better luck.