Is there anyway to make a dual boot system..on cd? Or is there an os that can boot other os?

On a cd, I don't think so.

So you want a CD with Windows XP in its entirity, all ready to run, Along with, say Windows ME?

NO such thing.

You can Dual boot a System though.

If you have Windows ME on it already, then install XP

the XP installation will set up your system to dual boot for you.

Next time you boot you will have an option of which OS to boot to.

Both will be required to be on the Hard Drive of the system though, not a CD!