Ubuntu requires CD for software (installs and updates)

If when attempting to update software or install new software in Ubuntu you find yourself being asked to insert the installation/live CD or if you find the following errors while trying to update your sources the following should help fix this error.

W: Failed to fetch cdrom://Ubuntu 11.10 _Oneiric Ocelot_ – Release amd64 (20111012)/dists/oneiric/main/binary-i386/Packages […]