Fixed exe's only remove the copy protection in the form of Safedisc, Securom, etc. The disc is still required in the drive and the program will still ask for the disc. But it won't perform the copy protection checking. This is usually done with games where some of the content is still on the CD, so you need the CD in the drive.
In some cases, there will be instructions to copy certain files/folders from the CD to the disk drive install directory, and then you can use a no cd crack. But fixed exe's just remove the copy protection so you can actually play with and use a burned copy of a disc as if it were the real thing, since many copy protection schemes cannot be copied directly.
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