Flashing to a CD is relatively simple. To fit, TMNF must be cut down in size so you can delete the car skins to achieve this.

Location of skins: [root of tmnf install]/GameData/Skins/Vehicles/StadiumCar/

Then you just burn it to the cd. Things like profiles and runs are stored on the computer so you will keep progress unless they are deleted

It will be very slow to load but at least it sounds like you're driving a car.