Is it possible to mount folders as virtual CD/DVD Drives?

I stress CD drives, because it it easy to mount folders a virtual hard-drives using the "subst x:" command.

I can only presume such emulation would be very easy, yet I am unable to find any software out there which does this.

I work on DVD/VCD video authoring and friend writes some of the extra software for the PC side.

Editing images can be annoying sometimes, but the ability to mount the folder would be appreciated, instead of saving a new image after each change to test it before the final burn.

Thank you.