Have managed to create iPhoto albums but attempts to 'burn' same to a CD have failed. Nothing in the help books I have really 'help' with this problem. I want to burn to a CD that can be viewed on a TV.
If you go to the Share menu in iPhoto 5.0, there should be a Burn Disk option. I guess this will make a CD that's readable by most DVD players assuming it just burns the photos as JPGs or whatever. I haven't personally tried this though, never needed to. Is this the method you are trying?