I'm guessing you want to create a disc image so you don't have to keep getting the CD out to play the game every time - a reasonable request.
Here are some specifications for the AVP2 CD found on cdmate.com via Google:
Title Alien V Predator 2 ( Avp 2 )
Number of Discs 2
Copy Protection Securom
Read Device Plextor 241040A
Read Option(s) Wizard Securom 1/2
As you can see, the game uses Securom copy-protection. If you are making an image of your disc using A120%, I suggest using the Image Maker Wizard, and choosing "Securom" from the Datatype option list in the bottom-left corner of the wizard. This will enable "Skip reading errors" and "Read Sub-Channel data". Go ahead and read your disc image, which you can then mount in the A120% virtual drive to play the game.
Can confirm this works with the original retail boxed AVP2 (patched up to current official v188.8.131.52 update) and Alchohol 120% v1.9.5.
You may be able to use A120%'s Image Burning Wizard to create a backup disc from which to play, but in my opinion you're as well off using the Virtual Drive method as long as you've got plenty of drive space, as it neatly removes all that TEDIOUS DISC SWAPPING - which, lets be honest, is what we thought we were promised would happen after we bought the large hard disks and performed "complete" installations.
By the way, you're the top result on Google just now.
Excuse the anonymous post!