Take a look at:
http://www.isapirewrite.com/
the isapi filter. I believe cold fusion server has an inbuilt one.
I am using it to change /profile.cfm?dir=myprofile to /myprofile
where my profile is a unique identifier. I would guess you could
easily do this:
www.mysite.com/category/display.cfm?pid=123&catid=345&name=productname
www.mysite.com/category/productname