Yes there is, But you will need another piece of hardware called the communicator If you can find one. This is a box that connects to the serial port on the side of the CD32, But is really only useful for transfering files.
http://www.amiga-hardware.com/showhardware.cgi?HARDID=695The transfer rate is extremely slow because it is via the serial port, So is not practical for running game on. I used to use one and i think i still have it. I had tried running a few game with it and most of them would crash. Thoughs that did run took ages to load, Got bored and gave up.
Get yourself squirrel scsi interface and a scsi cd-rom drive or a buffered ide interface and a ide cd-rom drive. These combinations will be so much more useful than hooking up a very slow serial connection between your 1200 and CD32.
Trooper