tom,
unfortunately i have no idea whether the CD500 will be able to do that.
there are two components that need to work: the sensor needs to be sensitive to IR, and the lens should not show a "hot spot".
you may need to correct focus - the long wavelength requires bigger distance of lens from sensor. older lenses often have an IR index mark, missing on more modern lenses. then, only small aperture (= big DOF) helps.
for the IR sensitivity, you may try to take a picture of a remote control pointing to your camera while sending commands - if the IR LED of that remote gets visible, the chances are good.
nikon D70 and epson R-D1 work very well, the lumix G1 is rather insensitive but still works with long exposure.
now for the lens - you can only try. my experience: sony DSC-W15, ricoh GRD, Lumix LX3 show a rather bad hotspot, lumix LX1 works ok.
no probs with ZM lenses, the G1 kit lens is fine too, the zuiko 50mm/3.5 macro is no good.
the most affordable IR filter i know is the hoya R72, now out of production (but maybe still available at photo your retailer).
there are more expensive options by B+W and heliopan (and probably by other producers, too).
as long as you can screw filters on your lens, you may choose to just try out. the investment is not too much (i think - but of course it is up to you to take your own decision).
IR can be a be funny, but the effect also may wear off.
that's my experience in a small teacup.
cheers,
sebastian
note to 24mgdriver:
try out!
set the focus to shorter distances, and note how much deviation from the focus index you used.
the IR focus index (where available) usually is a red mark on the depth of field marks - it varies with the different lenses. sometimes it's the f/4 DOF mark, sometimes f/5.6 or even the f/8 DOF mark. if there is no mark on your lens, you need to determine it yourself ...
just for the record:
http://www.sebastel.de/palatine/index.html contains a few IR pics made with the G1 and my hoya R72 filter.