open source software or freeware which can run on Windows OS for creating CD/DVD labels?

You need a physical acetate pen to write labels on CDs or DVDs…

It doesn’t really matter what the software is.

Just as long as you have a compatible light scribe burner with lightscribe cds/dvds or a cd/dvd label printer device with compatible media…

I you are referring to inkjet self stick labels I suggest checking out the Avery site which offers a free software program to down load.

http://www.averylabelsonline.com/