Welcome to CD Freaks.
Well it depends on what the disc might be.
If you're referring to games discs then that can get quite complicated I think. Firstly they can be hard to copy & once done don't always work when mounted as an image on a virtual drive. There is a forum dedicated to this type of issue, it's the CD & DVD Copy Protection forum.
For other types of disc it really depends what they are.
Personally I use the Daemon Tools virtual drive , it's free and works fine for me but then I don't do much with it other than perhaps software installs from ISO images I've built from CDs locked away in my firesafe.
I'd say yes that would be possible. You'd need to build an image from the CD - I'd use MagicISO but there are others. And then you can add or delete files & resave the image & then burn it back to a CD/DVD as appropriate.