I think you might be able to accomplish what you want using network block devices (NBD). Looking at the wikipedia page on the subject there is mention of a tool called nbd. It's comprised of a client and server component.
Example
In this scenario I'm setting up a CDROM on my Fedora 19 laptop (server) and I'm sharing it out to an Ubuntu 12.10 system (client).
installing
$ apt-cache search ^nbd-
nbd-client - Network Block Device protocol - client
nbd-server - Network Block Device protocol - server
$ sudo apt-get install nbd-server nbd-client
sharing a CD
Now back on the server (Fedodra 19) I do a similar thing using its package manager YUM. Once complete I pop a CD in and run this command to share it out as a block device:
$ sudo nbd-server 2000 /dev/sr0
** (process:29516): WARNING **: Specifying an export on the command line is deprecated.
** (process:29516): WARNING **: Please use a configuration file instead.
$
A quick check to see if it's running:
$ ps -eaf | grep nbd
root 29517 1 0 12:02 ? 00:00:00 nbd-server 2000 /dev/sr0
root 29519 29071 0 12:02 pts/6 00:00:00 grep --color=auto nbd
Mounting the CD
Now back on the Ubuntu client we need to connect to the nbd-server using nbd-client like so:
$ sudo nbd-client greeneggs 2000 /dev/nbd0
Negotiation: ..size = 643MB
bs=1024, sz=674983936 bytes
We can confirm that there's now a block device on the Ubuntu system using lsblk:
$ sudo lsblk -l
NAME MAJ:MIN RM SIZE RO TYPE MOUNTPOINT
sda 8:0 0 465.8G 0 disk
sda1 8:1 0 243M 0 part /boot
sda2 8:2 0 1K 0 part
sda5 8:5 0 465.5G 0 part
ubuntu-root (dm-0) 252:0 0 461.7G 0 lvm /
ubuntu-swap_1 (dm-1) 252:1 0 3.8G 0 lvm [SWAP]
sr0 11:0 1 654.8M 0 rom
nbd0 43:0 0 643M 1 disk
nbd0p1 43:1 0 643M 1 part
And now we mount it:
$ sudo mount /dev/nbd0p1 /mnt/
mount: block device /dev/nbd0p1 is write-protected, mounting read-only
$
did it work?
The suspense is killing me, and we have liftoff:
$ sudo ls /mnt/
EFI GPL isolinux LiveOS
There's the contents of a LiveCD of CentOS that I mounted in the Fedora 19 laptop and was able to mount it as a block device of the network on Ubuntu.
Autoplaying & Automounting?
In the above setup I had to manually mount the DVD.
In investigating the plausibility of whether this approach would work with autoplaying and automounting, out of the box, Ubuntu's autoplay doesn't work but the nbd-client and nbd-server stayed up when I ejected the disk. When I put the DVD back in I was able to run the mount command on Ubuntu, which remounted the DVD just fine.
So I would assume you could stick a UDEV rule in on Ubuntu to detect this change and do the automount/autoplay automatically. I'm not gonna try it all out but I don't see anything that would lead me to think that it won't work.