AFAIK, it's not going to work without editing the live cd.
You'd need to boot with the new kernel, which is not possible with the existing live cd. My plan would be to compile the new kernel, save it somewhere (FAT32 partition, flash drive, etc.), then boot into windows (presuming you have it) and use UltraEdit
to replace the kernel on the CD with the new kernel. Then save, re-burn, and hope it works. If the cd boots using isolinux, it should work. Otherwise, it might not without other steps I don't know.
Best of luck to you.