You have to plan this, and you may not be able to test it until the document is burned to a CD.
First of all, both the document, (whether a PDF or Word.doc), must be on the same drive. For example, if your document is currently stored on the hard drive, then you create a link to images on a CD, that link will not work when you burn the document onto the CD. This is because the link will look something like;
D:\Photos\Image1.jpg
So, when the document is on the C drive, it will look for a drive different to where it is. However, when it is burned onto a CD, it will still look for a drive different to where it is, but now the image is stored on the same drive.
However, if the link says "Photos\Image1.jpg" then if the document is on the same drive it should be able to find the image as long as the document is on the root drive, eg D:\ and not in any other folder on the D drive.
It would be easier if all the images and the document where either in the same folder, or on the root drive.
However, it is not easy to test. The images have to be on the CD already, but you cannot burn a document onto the same CD and then edit it from there because the document will be "Read only". You can only burn the finished document onto the CD.
The best way to do it is to keep the images and the document you are editing in the same folder on the C drive, create links in the document to all the images, then edit each hyperlink so they just show "Image1.jpg", "Image2.jpg" etc, save the document, then copy all of the files from within that folder directly to the root drive on the CD.
Like I say, very difficult, and I am not sure even that will work.
Mark