yes, there are many, many ways to do this.
All data on a computer (pictures, music, word files, spreadsheets, movies, etc..) are just that.. data. It can all be put onto a CD.
You just need to place the music and picture files onto the CD.
Your problem is going to be how you want to present the linked image and sound files. Do you plan to view these via web browser, flash application, Power Point type slide show, etc?
So to answer your question "Can I record Audio and picture files on the same CD?", the answer is YES.
For your next question 'How?' .. well that's a bit more involved and depends on some other things.