I bought one of those little automated CD buffers from a local CD store a while back. Has some solution that's basically water (lol) you place on CD, then snap in machine that spins the disc and buffs it. Sometimes its taken multiple sessions to get one working again, but Ive yet to have a CD I couldn't get going again. That includes several CD's that fell off my hood while I was driving down the road one day (left them on ledge of a camaro headlight) and I drove directly over with a tire. One did sustain a VERY deep gash that has never come out completely, but the CD is working again with only a minor skip in a cpl places. All the rest work like new.
But yeah, a buffing wheel and the right compound should work too. Just try and do an even mount of buffing across the CD.
The day I drove over them was sort of funny. Id placed them on the headlight ledge of an 80's camaro (if you've owned one you know the ledge I mean, its where you place the wrenches while you are continuously fixing that pos). I was driving down the road , prolly had made it 10 blocks from my house, cpl turns, when I heard a god awful breaking noise under my tires (the sound of that cheap jewel case plastic shattering). I looked in the rear view and saw a CD spinning on edge in the road. I laughed to my passenger that some idiot had lost his CD's and Id just run over them. Decided to go back and see. First one I picked up I was like **** I already have this CD. Second one, same thought. By the third one Im thinking wow this guy likes the same music as me! lmao By the 4th or 5th one I remembered leaving them on the car the evening before. ooops