You can connect the virtual machine's CD/DVD drive to the Mac physical CD/DVD drive or to a CD or DVD ISO image.

You can add a virtual CD/DVD drive to a virtual machine.

You can remove a physical or virtual CD/DVD drive from your virtual machine.

You can set up a CD/DVD drive so that it is always detected, or so that you must connect it manually.

You can use the buttons on the status bar to connect and disconnect devices.

You can use the Apple Disk Utility to create CD/DVD disk images.