try this
There is a program called MediaSecure which can password protect a CD ROM.
encryptX Corporation has provided the following comments: "Our software allows you to encryptX CD-Rs, CD-RW, DVDs, and many other types of removable media. All of the functionality is resident on the media and DOES NOT require the recipient of the CD ROM to install software on their desktop. We wrap the sensitive information with a permission control based protection wrapper that allows you to define what operations other users can perform on the data, such as READ ONLY, Decrypt, Add, Delete, Modify, and share with other users, and time expiration."