Let me tell you right now that this is really hard and/or tricky.
I had this discussion before, with a guy named Andy Rak. We eventually came up with something that links the camera's axis with the CD material's coordinates, resulting in some spinning colors when the CD was turned a certain way. It was mostly gradient ramps. You can find it here:
http://www.turbosquid.com/FullPrevie....cfm/ID/244497
I know that finalRender, as part of its finalShaders package, has a specific shader for this:
http://www.finalrender.com/products/...PID=45&FID=390
Now, the tricky part is that I found one for sale that claimed to do it without any special renderers and stuff, just with normal max stuff. It looks pretty legit - maybe if we pool $39 we can find out.
http://www.turbosquid.com/FullPrevie....cfm/ID/237227