if i were you i would sort out that horrible thing that mandrake does to mount disks it always arses up in my experience, read man supermount for more info.
as for mounting the CD, actually an audio CD does not and can not be mounted.
to try and answer the question, can't you just run /usr/java/bin/java *.jar or whatever?
as for permissions, it'll be something about symlinks in your /dev/ directory i suspect. for example, my cd writer gets the device name/dev/cdrom assigned to it, that is simply a symlink pointing to /dev/hdc however that is not the real device name. something about ide/scsi. to access the drive properly i would use /dev/scd0 - don't ask me how or why this works but i suspect it will be something along these lines.
either that or it might be a sound card issue, i never was able to play CDs with my C-Media sound card although i could rip them to oggs or mp3s and listen to those instead fine.
