Hi Hafitz, I actually have thought about this scenario, and I've tried a few things. There's been at least one other forum post about it too. Unfortunately, though, old Windows games are notoriously difficult to get running on modern Windows machines. Do the games play successfully on your machine *with* the CD? If so, then yes, you should be able to use Alcohol or Daemon Tools or similar to mount the CD. You can use the Additional Applications to run commands before and after the game launches, which has worked well for a number of people.
However, if the game doesn't run under your current version of Windows, unfortunately the only way to get it to run is to use virtual machine software. VMware seems to be your best bet. But that is a pain; it involves installing a version of Windows that runs the game in a virtual machine, and then running the game that way. So it's quite involved.