It's pretty simple to implement trackback pings with CFML, since trackbacks are simply just a HTTP form post to a specific url. The result is an XML file.

So do post a trackback to another blog, simply use CFHTTP:

<cfhttp url="http://the.trackback.url/" 
	method="post">
	<cfhttpparam name="url" value="http://www.yourblog.com/entry/123" type="formfield">
	<cfhttpparam name="title" value="This is the title of your entry" type="formfield">
	<cfhttpparam name="blog_name" value="Your Blog Name" type="formfield">	
	<cfhttpparam name="excerpt" value="An excerpt of your entry" type="formfield">	
</cfhttp>

<cfoutput>#HTMLEditFormat(cfhttp.filecontent)#</cfoutput>

The only required parameter is the url of your blog entry, all others are optional.

The resulting XML will look like the following if there are no errors:

<?xml version="1.0" encoding="utf-8"?>
<response>
 <error>0</error>
</response>

If there is an error, then the result will be something like this:

<?xml version="1.0" encoding="utf-8"?>
<response>
 <error>1</error>
 <message>The error message</message>
</response>

To receive a trackback ping, it's also pretty simple, because you just handle the form variables, and output the resulting XML.

You can find all this info in the trackback spec.