I wouldn't attempt this. For the fact that, well, even if you get a program to run from CD, you would be accessing 2 drives at once. One for the program, one for the CD you are ripping.
This could lead to errors in the ripping process, and not giving you the best rip possible.
I would be ripping from a program installed onto a hard drive. You only have to rip a CD once, so you may aswell do it properly the first time.
