iTunes: Only One Application Can Use Disc Drive at a Time
Only one application can use a computer's disc (CD or DVD) drive at a time.
Symptom
You can play an audio CD with the iTunes application, but when you open the AppleCD Audio Player application, iTunes stops playing the CD.
Solution
Quit the AppleCD Audio Player application. Only one program can control the disc drive at a time. iTunes and AppleCD Audio Player cannot both be used to play an audio CD at the same time.