I think you really need to go back and read up on Copyright Law (17 USC). The license is implied in Copyright Law.
No, there's no license, particularly no license 'implied in the law,' whatever that means.
You have an inherent free speech right to do anything with a work that you like, except for things that copyright gives an exclusive right to the copyright holder about. A copyright holder can only possibly grant a license for something that he holds a right to; he cannot give you permission to do something you don't need his permission for. And once the copyright on the work expires (no, seriously), you're no longer limited as to the exclusive rights either.
So for example, there is an exclusive right to publicly perform music, but not an exclusive right to privately perform music. Even if you have a stolen CD that was itself made illegally, you can lawfully privately perform it without infringing on copyright. No license or anything.
All this licensing bullshit basically is a side effect of stupid (and largely unnecessary) practices in the software industry. It's mostly folk myths. If there's a license, you'll usually know it: it will almost certainly be pages and pages long, written, and you'll have to expressly agree in some way. Record companies would not sell CDs with some sort of implied license.
No, the CD is the work, it is not the derivative.
Depends. Assuming you just mean an album, and not the piece of plastic, it'll either be a work or a compilation.
You do have a right to transform it.
No, that's preparation of a derivative work, probably; an exclusive right at 17 USC 106(2), and doing it is infringing at 17 USC 501(a). You'll need an exception to copyright, or for the work not to be copyrighted, or a license, in order to just make the derivative, never mind distributing it. And if it's not a derivative work after all (see the definition at 17 USC 101), it's likely an infringement of the reproduction right at 17 USC 106(1).
By definition, Fair Use is not an infringement.
Correct. Though as a practical matter, it's treated like an affirmative defense... it just makes more sense to do it that way, even though it is indeed an exception to copyright.