There are a few third party apps that try this, none too successfully. I also sometimes wish I could have a CD archive mount in the Dock for easy browsing/opening.
the problem with dragging the alias is that when you add a disk such as my ipod, my idisk, or a cd, those dont pop up by themself in the /volumes alias in the dock. i find it odd that it dosnet, honestly. and the reason i do it is because navigating via pop up menus is quicker for me than using windows. the only thing that pisses me off about using menus to navigate is that you can only go 5 levels deep. does anyone know why this is?
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or just drag the local disk itself into the dock (on that side). its a virtual alias anyway...
What is the point of adding volume alias to the dock?
Just click Finder icon, it opens new window for you, and you can browse all curently mounted volumes.
8)
...unless it's a network drive, then yes, it saves you from cmd+K, etc...