Is it possible to write coding that will allows one to store multiple OS (in their ISO format) into a CD/DVD and turn them into a Live CD/DVD for later use?
Yes. You would probably want to use Grub4DOS as your boot loader because it can boot operating systems from disk images, which, to my knowledge, other boot loaders don't do. So you could potentially load up a DVD-ROM with Grub4DOS and several live CD isos so that you could then boot multiple operating systems from that DVD-ROM.