For a cool bedtime (or anytime) CD, record yourself, grandparents, siblings, etc. reading your child's favoritie books. They can even tell stories they made up or (especially for the grandparents) stories from their own childhood. You can record them onto your computer using a microphone and then make your own CD mixes (funny stories, bedtime stories, etc).
We have a friend who does this while he's away on business travel. He's usually in charge of bedtime reading, so when he's out of town, he records himself reading chapters of books, then emails the recordings to his kids who listen when they go to bed.