For the Zip Drive install, you might want to refer to the HOWTO's which can be found at:
http://www.linux.com/howto/mini/ZIP-Drive.html
and
http://www.linux.com/howto/mini/ZIP-Install.html
And you should be able to mount your CD-RW by first checking if it is listed in the /etc/fstab file.
Most likely Mandrake should have installed or recognizes it and all you have to do to mount it is this:
# mount /dev/cdrom1 /mnt/cdrom1
Usually, if you have 2 cdrom's on your system, the first will be just cdrom, the second will be cdrom1. Check your /mnt directory to see if you already have a directory within it called /cdrom1. If you do, it should already be in your /etc/fstab file.
The kernel is the core of the operating system. Its like Windows, it has a kernel too, its what communicates or does all the processes between you/software and the hardware in your computer. You might want to hold off on trying to recompile a kernel the first few days of just installing Linux. Most likely you don't need the latest kernel, especially since you don't know what exactly it is yet. I could suggest you pick up a book about linux. O'Reily makes great books, try Linux in a Nutshell made by them.
One question though, what are you wanting to do within Linux, that you most likely use Windows for? That could be the biggest help in determining if Linux is right for you!