Is there any way to run PowerPC applications on Mountain Lion (Not installing-just opening from a CD)
Quick answer: No.
Long answer: Yes, you can. You can run Snow Leopard in a VM (virtual machine) on your computer.

There are paid solutions like Parallels Desktop and VMWare, but a great free solution is VirtualBox. There is a fabulous guide on how to install Mac OS X Snow Leopard here

Note: You will need a version of Mac OS X Snow Leopard to install on the Virtual Machine. If you don't own it, Apple is still selling it here.