Actually you can do this if you have a CD-RW drive (or compatible) that supports Mt Rainier session. In essence, it turns the CD-RW into a floppy disc. It is worth noting that the CD-RW must be formatted to Mount Rainier first before you can do this and data access and edit times aren't fantastic.
You should be able to find more information on this by consulting the Help topics in your CD Recording/Writing software, such as Nero, Roxio etc (which are required for such support).