UltraISO - CD image files are easily created with UltraISO.
Virtual CloneDrive - Virtual CloneDrive works and behaves just like a physical CD/DVD/Blu-ray drive, although it only exists virtually.
PowerISO - PowerISO is a virtual drive that allows users to encode, burn, mount, and even encrypt CDs, DVDs, and BDs. The software can be downloaded from many platforms and sites online.
WinCDEmu - WinCDEmu is an open-source CD/DVD/BD emulator.
Alcohol - Alcohol is CD / DVD burning copying backup recording duplication emulation and creation software.
CDemu - CDEmu is a CD/DVD-ROM device emulator for linux, licensed under GPL v2 or later.