Yes you can do this but it is a bit complicated. Here are the steps on how to do it:
1. Go to a new finder window and press Cmd (Apple key) + Shift + G. A new window will open, enter "/Volumes/" (without the quotes)
2. Then go into column view in finder (Apple Key + 3). This will allow you to see a hidden Volumes folder as in my screenshot.
3. Make an alias to the Volumes folder by right clicking on it and clicking on make alias.
4. Put this alias into your movies folder. When you launch front row next this will allow you to navigate to and CDs, DVDs, and attached drives you have (FW or USB). It will only allow you to play supported quicktime files as is normal with front row.