Team Cobra has put up a site for the Cobra ODE which is simply serving as a placeholder for the time being. Not much more information is known at this point. It's interesting seeing Team Cobra getting involved in this aspect, especially when they have to go up against the 3key team, who has experience with their xk3y product released for the Xbox 360 last year.
We have seen news about possible optical drive emulators in the past which seemed a bit far fetched but with recent developments, things are starting to materialize. Watching how Team Cobra will proceed as the release of the 3key nears will be something to watch. As time goes on, hopefully some more information will come through.
Official Site: Cobra ODE
News Source: PS3Crunch