Virtual CDRom Control Panel is an application that Microsoft created so you could read the ISO files form a virtual CD.
This article discusses it: Microsoft Virtual CD-ROM Microsoft Windows TechRepublic.com
Microsoft released Virtual CD-ROM Control Panel v126.96.36.199, a utility for Windows XP that allows you to create a virtual CD-ROM drive on your computer. This is especially helpful if you have a library of ISO images. If you are a Virtual PC fan, this utility will come in very handy considering you cannot use DVD ISO images within the Virtual PC software.
Let’s begin by downloading the software to a computer of your choice. This utility supports Windows XP Professional and Windows XP Home Edition. Next, extract the files to your %systemroot%system32\drivers folder and double-click the VcdControlTool.exe and click Driver Control. Click the Install Driver button and navigate to the %systemroot%system32\drivers folder and choose VcdRom.sys and click Open and Start and OK.
You are now ready to click Add drive in order to add a virtual drive letter. After you click Add Drive, the drive letter appears. Choose Mount to mount your ISO image to the virtual drive letter. You can now use the drive letter as if it is a physical CD-ROM device. When you are finished with the ISO image, choose Eject |Remove Drive | Driver Control| Stop | Remove Driver | OK