On Windows2000 -
Just tried right clicking on the CD ROM in My Computer
Go to Properties
There is no Security tab (on General, Hardware and Sharing)
Under Sharing you can control who can access the CD ROM over a network but not locally.
On WindowsXP Pro -
The only tabs are General, Autoplay, Hardware, Sharing, and Recording. Again no Security tab.
Are you sure you can select which local users can access a CD ROM that way? I need more information to find it.