Circle Virtual CD
Full user review
"Wonderful software but does not work beyond WIN XP"
Hekko/Circle Virtual CD copied every CD I gave it including Windows Installation CDs, filed them neatly and allowed me to assign a drive letter of choice to run them from.
It does not work with Windows Vista or Windows 7 (it is incomaptable with the NTFS file manager, even if installed on and operating from a FAT32 drive) It does crash the GUI on the newer OSs.
If you're still running XP or older this is hands-down the best Virtual CD software out there... Its the only Virtual CD software to copy ANY CD and make it usable from a virtual drive.