Here are some options to look into:
Buy second sound card
For 2nd CDROM run audio cable from headphone output jack to Line Input jack on sound card see 1)
Variation of last one is to modify second CD cable by replacing sound card connector with 1/8-inch one. Plug this into Line In of sound card (see 4)
Make or buy CD audio splitter cable (see 2 and 3)
For Windows 2000/XP select "Digital CD Playback" option for each drive. (see 4)
References:
1. Sound from multiple CD drives
http://www.computeruser.com/articles/daily/8,8,1,0508,01.html
2. How to connect two CD-ROM drives to one soundcard
http://www.hut.fi/Misc/Electronics/circuits/cdrom_audiocombiner.html
3. "CD Audio-Adder" Allows you to connect two internal CD devices to one sound card!
http://www.trianglecables.com/dualcdromaud.html
4. two CD-ROM's 1 Sound Card
http://www.techsupportforum.com/computer/topic/8699-1.html