[miketwalker]

Here's an idea to try (I don't have 3ds max installed on this machine nor the time lol, but maybe it'll give you something to work with):

Make a spline that is just very jagged and very thin and long. Then revolve that the 360 degrees. If you think about how a cd works, that's why you have those "rainbows". You can make this revolution a glass-like texture and if you use a renderer that will take into fact the way light splits through a prism (which is why the jagged edges will give you a rainbow) it should naturally create the effect you want and will react like a real cd would (since in practicallity your making one, including the surface texture). Good luck.