is it possible to make a cd to cd copy with only one cd burner installed as a cd drive?

Yes.

First you use the CD burner as a reader.
The Application software should have the facility to make an image file on the HDD using the info read from the CD.
That file can then be used to write as many copies as you like using the burning capability of the CD-R/RW.
In fact, if you want to make multiple copies, that's the quickest way to make them.
Reading from the HDD is quicker than from a CD reader.
You really only need both a reader and a writer for the convenience of making a single copy by reading and writing simultaneously.
I find it VERY convenient.

"as a cd drive?" you tagged on the end and I'm not sure what that meant.
A CD burner installed as a CD drive?
As opposed to what?

Win XP does things like this automatically (ok, there are better cd-write software packages out there, but this is bundled) WHatever files you want copying from the CD, just select, right click, and choose 'send to.........CD' wait until the entire disk has been read, and you will be able to pop in a blank disk and then write to it.