might check out Password Protection System - CD Edition:
http://www.necrocosm.com/ppscd.html
Password Protection System - CD Edition is a very powerful application for making your CDs secure. By password protecting any file and even giving it an expiration date, PPS-CD will allow you to distribute the CDs that you create without having to worry about unauthorized use! Whether it be for distributing software, movies, or sensitive documents within a business, PPS-CD will prove to be more than up to the task. Even dependencies such as .DLLs or Skins can be handled and registered if necessary
or this might be better:
http://www.cd-lock.com/
CD-Lock secures your removable media by scrambling the filenames and encrypting all the files with Blowfish. Yet, just enter the password when the CD is inserted into any computer running Win2000 or XP and you can instantly use the files as you always haveš - without the need to decrypt them first.