I think it is probably possible to make a tool like that, i don't know how but maybe it's possible. The biggest problem is that i think that in order to understand how the music is stored you have to write an emulator's sound plug-in. Once you will have done that, maybe you will have the knowledge to locate sound list, and find a way to locate music in the rom but i doubt it is possible. If a tool like that would exist one day, i think it will be an option in a sound plug-in that when the user want will try to find the limits of the current music in the memory and decode it. But a tool like that is so difficult to make (and is not really usefull since you can log azimer plugin's sound...).
But if you really want to make it, it is possible to write in delphi, it will just be very very time consuming : ask Azimer how much time (years) he have worked on his sound plug-in.