First of all you will have to use / install some sort of mounting software that came with the drive perhaps. For example, with Nero it comes bundled with a program called "InCD". This will run in the background and will recognise when a CDRW is inserted. You must then format the entire disk (once only) and then yes, its exactly the same as a floppy disk and drag and drop features are all available etc.
Word of warning - To access the data on this particular disk that you have written this way on another computer it too must be running InCD or the data will not be accesible. You can run a small program plug in on the host machine if you have admin rights etc.
I learnt the hard way after copying 300Mb of data to a CDRW taking it some fifty miles only to find I had no way of getting at it!