Phantom Burner faz exatamente o que você está procurando, a única desvantagem é que não é grátis - $ 29,95.
Phantom Burner is a virtual CD-R/DVD+RW/DVD-RAM/BD-RE/CD-ROM/DVD-ROM/BD-ROM emulator. It extends the ability of Phantom CD by adding burner emulation. It not only allows you to mount disc image files as virtual CD, DVD or Blu-ray discs, but also lets you create disc image files by burning to the virtual CD-R/DVD+RW/DVD-RAM/BD-RE burner drive, from using any disc burning software.