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I bought the game recently and installed it like usual.

The all known "inser cd" error appeared so i immediately looked for fixes

I do run it as administrator everytime by right clicking it
I did change the cddrive to C:
I did delete all reg entries after uninstalling the gog version
I did basically everything i gathered from all the threads

It still wont work sadly
I have windows 7 64bit
This question / problem has been solved by Huffimage
Did you install he Universal Update, that fixes the nocd problem on some machines

or

http://www.gog.com/forum/heroes_of_might_and_magic_series/the_heroes_iii_the_shadow_of_death_cdrom_was_not_found
Post edited December 07, 2013 by Huff
Oh that universal update worked.

Thank you very much, now i feel a bit stupid but oh well.