First of all, even I dont make sense of what you are saying to do there webby? Convert them to MP3 then make them RAW format? What is RAW format? Whats the 8 tracks about lol, how longs a piece of string hehe!
CD players read CDFS and CDDA (I suppose you could add CDDAT, but although its based on CDDA, its not standard and not read by all CD players, although it is a hybrid technology). CDDA is the most common format as it complies to red book standards and 44,100Khz with 16 bit sampling at a bit rate of 1411Kbps. Ive never heard of RAW?
To answer the question Kris, no you can't get 120minute CD's, UNLESS you have a limited edition Sony DDCD player in your car and a DDCD writer. These allow upto 150 minutes of audio/1.3GB of data, but they are purple book standards and are incompatible with most red book CD players. They were made in the late 90's, but were not very common at all(although I do seem to remember Sony were trying to push it and practically every CD writer they made until about 2003 supported this format).
With regards to standard everyday CD's, you can get upto 99 minutes CD's (I have a couple here), but they require you to overburn, and anything past about 92 minutes can not usually be read by a standard CD player. Even my Technics CD player struggles past 93 minutes.
When overburning, you are writing further out on the disc then most CD players can read. You are essentially writing on the "lead out" part of the disc, and this means it can cause the disc to be completely unreadable as sometimes its cant "lead out" to finalize the CD, and without this, the TOC is corrupted.
The best advice to you is to get an MP3/WMA CD player and then just convert your CD's to MP3 using something like dbpoweramp or similar.
Its best to get a Panasonic, Pioneer or JVC as these have licenses to use the WMA format, which comes in VERY handy with downloaded music.
There are some players hitting the market which support MP3Pro, but im not sure how expensive these would be.
A standard MP3/WMA head unit would cost way less then £100 nowadays and would save you a lot of hassle and you can throw upto 10 cd's on a single disc. Also, they cope with overburnt CD's better as they read CDFS as opposed to CDDA, and this requires less lead out anyway.
So to round it up, no you can't get 120 minute CD's, 99 minute are kinda hit and miss, and my advice would be to get a MP3/WMA head unit when you can afford one. Until then, its far simpler to just use the CD's as they are hehe.