This is exactly how I used to record the sound effects. Just point your recording software to your output on your computer. Make sure everything else is muted. Press record, play sound, stop recording software. Save file. That's the only way to do it unless we can enable to export features on the editor.I don't have any other idea besides installing the editing tools, opening the Level Editor, then the level from which you want sounds, opening the Databases window (Window->Databases), then playing each individual sound under Sound tab and recording it with external software (Audacity comes to mind, there might also be something already available in Windows). There's no export option for sounds like it is for textures.
Sounds are stored in *.sdb files (Sound database) as regular *.wav, but it's proprietary format which nobody ever bothered to reverse engineer, so their content can only be heard with Level Editor as I mentioned above AFAIK.
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