You can get it to work without a CD (in fact, the download version requires no CD) easily in DOSbox. However, you'll want to make sure that your netbook is fast enough to run the game and DOSbox. Just because it's an old game doesn't mean any modern computer can run it, because you have to run it through an emulator. And netbooks are typically marketed for their portability, not their processing power.
I have an EeePC 900A which is a lovely netbook, but it cannot run Daggerfall (it doesn't do well with video heavy anything). My dad has a cool HP netbook that he can watch streaming movies from NetFlix on, so his would have a much better candidate.
So it's all a matter of what's under the hood. If it's powerful enough, then getting it to run with DOSbox is a cinch. Heck, you can run DOSbox off a thumb drive, so having no CD is no problem at all.