iTunes will not “read” ISRC or other meta data such as track names from the wave file (or pretty much anything else).
When uploading into iTunes, iTunes Producer requires this information to be entered manually.
If you play the CD through a computer, essentially nothing much consumer level will read this data … at least not without changing some settings. However, once the CD data is entered into a database such as Gracenote, the computer (and some car stereos) will retrieve the data from that database and display the track information.
Additionally, not all CD players are capable of “reading” this information.
Gracenote info: http://support.gracenote.com/support/pkb_Home?l=en_US&c=Public%3AArtists_Labels_Publishers
Hope this helps.