Yes, and it’s pretty straightforward if you’re familiar with scripting. Here’s some commented code:
// create an undo group so we can Control+Z this all away
app.beginUndoGroup("Create new comp with first selected footage");
// assume the first selected item in the project panel is our audio footage.
// in real life, you'd already have an object for this.
// note that I'm not doing any error checking here, so things will go wrong if you don't have a valid selection
var audioTrack = app.project.selection[0];
// create a new comp named after our audio track, 1920px wide, 1080px high, square pixels, at the length of the audio track, and at 29.97fps
var newComp = app.project.items.addComp("Comp " + audioTrack.name, 1920, 1080, 1, audioTrack.duration, 30000/1001);
// add the audio footage as a layer in the new comp
var newAudioLayer = newComp.layers.add(audioTrack);
// close the undo group, that's all, folks!
app.endUndoGroup();