It sounds like both of your bikes have SRAM components and I'm guessing that both cranksets use the same style bottom bracket. If this is true, then it's a pretty easy swap. Put the compact on the Cervelo, drop the front derailleur to match, re-adjust the front derailleur limits and tension, and you're set.

I do this with one of my road bikes, using the triple crankset from my commuter, when I want lower gears. (It helps that I have triple shifters on the road bike and that neither crankset is particularly worn, so there's no issue with wear patterns.)