The '..\Divine Divinity\Run\config.div' file is plain text, and can be opened in any text editor (such as Notepad).
Run Notepad, click on File | Open, browse to where you installed the game (default is 'c:\Program Files\Divine Divinity'), then keep going to the 'Run' subfolder, and finally open the 'config.div' file. Type (or copy / paste) in the [color:"orange"]startup logo 0[/color] line, and save the file. The next time you start the game, the intro videos should not be played.

NOTE: if you add the 'startup logo 0' line to the end of the file, hit the Enter key before saving. The game expects the last line of the file to be blank, and ignores it.
Lines starting with double slashes are comments, and are also ignored by the game.

With the latest game version, skipping the intro videos will eliminate the need for the Play CD, except for a couple cases (the blessing ceremony, after hitting the gong late in the game, and at the end of the game). These are the same limitations as with the no-CD hack.
The version number is shown in the bottom right corner of the main menu (latest is 1.0034A, otherwise you may need the patch). The DVD version has already been updated, CD versions may or may not be, depending on when they were produced.