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Indeed such a software exists (it is called “packet writing” software), but too bad these are totally unreliable. Most of users that used it ended with losing all data from the disc.
If you are anyway interested you can give it a try. One of the most diffused is Nero InCD.
To reduce as much as possible the probability to lose data from the discs, I suggest to use RAM discs. Of course you also need a burner able to write on these media.
If you don’t want install a potentially dangerous software, there is another possibility. Windowx XP already has a packet writing tool (I have no idea if also Vista has it). Right click on the burner icon and select “Properties”. Then go to the “Recording” tab. Select the option “Enable CD recording on this drive”.
Be careful however: all these software are unreliable, so don’t put on discs important data.
If you really need a temporary rewritable media, the best option (and also cheap) in these days is a USB pendrive.