MagicDisc v2.7.106 is a utility used to create and manage virtual CD Drives and CD/DVD discs. It emulates data, audio, games, and Dvd via an ISO image. You can run programs, play games, or listen to music from your virtual CD-ROM. It can mount ISO CUE MDS NRG CCD images; encrypt ISO CUE MDS NRG CCD images; make ISO images from CD/DVD.

Note: It seems that this software hasn't been updated for several years - the version linked to this page is the latest to exist, so do not bother searching any further.

You can download and use this product for free.