This subject came up in the MagicEngine forums not too long ago. The only idea I thought of was the use of the
YAME emulator (
as soon as you start this up, goto Settings -> Language and select English) - it has the ability to record whatever music is playing during your gameplay in either RAW or WAVE format. Selecting RAW while the PSG music that you want is playing will dump the PSG bytes to whatever file name you entered. The unknown question is, given the byte stream of audio data that is now in that file, will these HES or whatever Winamp plugins play it ?? I guess based on what Bonknuts is saying, probably not... but there ya go, it's an option to explore.
Of course, if you have only a few games in mind, are willing to take the time, and want the audio in MP3 anyway, then just play the game while recording what you want in WAVE format and convert to MP3! To start recording, select 'File' -> 'Record Sound' -> 'WAV Format', enter file name... Then to stop recording, repeat (go back to the same menu) and select the last 'Stop' menu item, etc. Case closed! If the ROM doesn't load, try all versions. E.g. "Blazing Lazers (U).pce" doesn't load, but "Blazing Lazers (U) [h1].pce" DOES! If no version of the ROM loads, well, you're out of luck; YAME's compatibility is not that of say MagicEngine and I don't think it's ever been updated beyond the version I just linked for you.
EDIT: Oh, you mentioned my TurboRip utility. No, that is for ripping CD-Rom games into ISO/WAV/CUE image file sets (you'd only get redbook audio tracks out with that). That can't help you here.
EDITx2: I searched for the Ootake PCE emulator's website (it was an emulator David Shadoff told me about ages ago I recall) and I found it! Version 2.65 was released not more than a couple of weeks ago and it's Windows7 tested! Anyway, it too has sound recording features, far more advanced but because it's a Japanese emulator, there's a little language barrier, but the Menu bar is in English at least... Links:
http://www.ouma.jp/ootake/http://www.ouma.jp/cgi-bin/downOotake/downsue.cgi?Ootake265.exe