I actually found a guide from a site(dvdrhelp.com pretty useful site, common too) that actually lets you fit one movie in one cd-r or cd-rw disc, thus making a "One Disc VCD" . For those that don't have a dvd burner, any dvdr discs, or just don't want to split 1 movie with 2 discs, this guide is pretty useful. I actually used this for 4 movies including the long 2 hour or so "Die Another Day" on an 80 min/700 mb disc. Very good quality, just need to do some tweaking on some settings.
EDIT: As you see, the first part of the guide is instructions on ripping your dvd, if you have your d/l movie, just skip that part and move on to the part of using the program TMPGEnc
Guide: Guide on fitting one movie on one disc
A word of caution, this is an almost 2yr old guide(written on Mar, 02) so don't expect help much since the last post was made on Dec, 11, 03, if you have any questions or need help. Just read all that you can from the guide and reading some posts after that(about 2 issues from a number of people have been solved if you read some the posts)
Just keep reading and trying.