Mac OS X 10.0: "You have inserted a disk containing volumes that Mac OS X can‘t read" Alert

After inserting a Zip disk or a CD-ROM disc an alert box with this message may appear "You have inserted a disk containing volumes that Mac OS X can't read."
For a discussion of this issue, please see Article 106345: "Mac OS X 10.0: Removable Disks Do Not Appear (Mount) on Desktop"
Published Date: Feb 17, 2012