Yep, that's the way to do it if you have X3 Melodyne will do the conversion. Search Cakewalk's site , there is a tutorial on how to use this method by normalizing the level and using a noise gate.
Here's a good link to start:
http://blog.cakewalk.com/easy-audio-to-midi/ I did some testing with it versus Drumagog and both methods worked quite well