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Follow the 4 steps:

1.Install dpkg-dev (and also it dependencies):
   $ dpkg -i dpkg-dev



2.Put the packages in a directory
   $ mkdir -p /sources/ubuntu
   $ cp /cdrom/* /sources/ubuntu

3.Create a table of content that apt-get update can read
   $ cd /sources/ubuntu
   $ dpkg-scanpackages binary /dev/null > binary/Packages
   $ dpkg-scansources source /dev/null > source/Sources
   
NB: depending on OS version, you may need to compress the table of content file
Ex: $ dpkg-scanpackages binary /dev/null | gzip -9c > binary/Packages.gz

4. Add a line to your /etc/apt/sources.list pointing at your repository
   deb file:///sources/ubuntu binary/
   deb-src file:///sources/ubuntu source/

Now you are able to :

apt-get update

For installing, use apt-get or aptitude

Previously downloaded Packages are generally stored on your system in the /var/cache/apt/archives directory. If you have installed apt-cacher you will have additional packages stored in its /packages directory.