What i tried:

1. I enabled IPXNET in the config file, by setting the value to "true"
2. I made my machine a server.
3. I mounted the CD-ROM as mount D E:\ -t cdrom -usecd 0
4. When I try to start a network game in M.A.X I get: "Please insert th CD-ROM containing MAX". So it looks like the game does not see the mounted CD-ROM, although it was mounted ok, becasue I can see the contents of the CD in DOSBox.

Thanks!