So if I'm understanding correctly you have already a CD with a bunch of your photos on it AND there are copies of those photos on your hard drive too. I would try something along the lines of what Jamie suggested. I'd temporarily put the files on your hard drive into a new folder. Make sure the CD for these pictures is in your computer. Now in Organizer select the photos that you want it to find on the CD. Then click
File> Reconnect> Missing File... . When Organizer starts searching for the new location of the file click
Browse then you can tell it where to look on the CD and click
Reconnect.
I'd try this with just a few photos to begin with and see if it works.

I haven't tried this myself, so I'm not sure if Organizer will totally grasp that the photos are now "offline" but it's worth a shot.
HTH! Holler if I totally took you down the wrong path.
