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A recent issue with Victoria suggests the problem is with cetain DVD or CDRW drives not functioning properly with the install shield.

Try copying everything over to the HD and installing from there.
 
Same way you would between Harddrives or folders.
 
Have you installed EU2 with those drives before?
Did you need a special file inorder to do it?
What publisher version of the game do you have?
 
Try installing from the Harddrive and let me know how it goes.
 
Do you have anti-virus software of any kind running?
 
Turn it off completely and then try installing.