Sure. First, rip the track off the original CD in whatever manner you usually use, writing to WAV.

Then use your mp3 encoder of choice (lame, if you don't already have a choice) and compress the WAV to whatever bitrate you want. It shouldn't delete the original, so do it again and again with all the bitrates you want to test. I'm undecided on if you should intentionally encoded one at what you'd know to be a low bitrate so that you know what things to listen for, but it's an idea you may want to consider.

Then use your CD burner software of choice to burn it back onto a CD. Make sure to burn it as audio, of course, and not data. I'd be surprised if any modern CD burner couldn't interpret mp3s and reconvert them to the correct bitstream for the CD, but just in case yours doesn't know how, you might have to reconvert the compressed mp3s to WAVs. Winamp has a builtin feature for this (select the Disk Writer output), and would probably be the easiest thing to use. There are many other ways to convert back, too, if you can think of one that's easier. But, again, your CD burner software will probably do it for you.