In what format did you download the recording to the PC? Is it one big WAV file (.wav file extension)?
As you’ll know, a standard 700MB CD takes 80min. audio, so you’ll need four CD’s. Depending on your Nero version, you may fine a simple wav-editor in there (and if you don’t there’s the free Audacity, as mentioned above). With either of these you can cut sections of the original file and paste them as new (smaller) files to fit on a CD. For easier navigation on the CD’s, you could also cut and paste smaller logical sections and burn them as individual tracks on the CD.
Other than working with CD’s, you could encode the material into (a) very small mp3 file(s), which could be e-mailed to the participants for example.