I've just encountered this pretty fun game, and, curious about the possibility of extracting its main title music, checked for help here. As it turns out, there is a faster and lossless way: simply open the *.SAB file(s) as RAW, 22050, stereo, 16-bit, Intel PCM file, et voila. There will be a half-a-second click in the beginning, due to the file's header, so just cut it off.
The issue then is to divide the file properly. There should be 52 tracks, named:
MUSIC_ACTION_HIGH_01
MUSIC_ACTION_HIGH_02
MUSIC_ACTION_HIGH_03
MUSIC_ACTION_HIGH_04
MUSIC_ACTION_HIGH_05
MUSIC_ACTION_HIGH_06
MUSIC_ACTION_HIGH_07
MUSIC_ACTION_HIGH_08
MUSIC_ACTION_LOW_01
MUSIC_ACTION_LOW_02
MUSIC_ACTION_LOW_03
MUSIC_ACTION_LOW_04
MUSIC_ACTION_LOW_05
MUSIC_BLACKHAND_01
MUSIC_CARAMICAS_SPEECH
MUSIC_CARDRIVE_01
MUSIC_CARDRIVE_02
MUSIC_CARDRIVE_03
MUSIC_CARTEL_01
MUSIC_CIA_01
MUSIC_FLYING_01
MUSIC_FLYING_02
MUSIC_FLYING_03
MUSIC_LIBERATE_SETTLEMENT_01
MUSIC_LIBERATE_SETTLEMENT_02
MUSIC_LIBERATE_SETTLEMENT_03
MUSIC_LIGHT_01
MUSIC_LIGHT_02
MUSIC_MENU_01
MUSIC_MISSION_COMPLETE_01
MUSIC_MISSION_FAILED_01
MUSIC_OBJECTIVE_01
MUSIC_OBJECTIVE_02
MUSIC_OBJECTIVE_03
MUSIC_OBJECTIVE_04
MUSIC_RADIO_01
MUSIC_RADIO_02
MUSIC_REBEL_01
MUSIC_RICO_DEAD_01
MUSIC_ROMANCE_01
MUSIC_SAFEHOUSE_AGENCY_01
MUSIC_SAFEHOUSE_CARTEL_01
MUSIC_SAFEHOUSE_REBEL_01
MUSIC_SEXY_01
MUSIC_SEXY_02
MUSIC_SKYDIVE_01
MUSIC_SPEEDBOAT_01
MUSIC_SPEEDBOAT_02
MUSIC_SPEEDBOAT_03
MUSIC_STEALTH_012
MUSIC_STEALTH_023
MUSIC_COUNTDOWN_M16
I split the file automatically, with a tool from Softpedia (or maybe Tucows?) that could cut WAV files based on detecting silence periods in them. I fiddled with the silence threshold setting in it and I think it's split correctly, but only the composer could verify all this.
(The SFX files have to be treated either as mono or 11025, by the way - I haven't really checked.)