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Yes you can -- but whether or not your DVD player will be able to play it is up to the DVD player.
To do this, select the option to burn to a folder from the drop-down menu under Share/Disc. Then, once it's done, use your CD burner software to burn the VIDEO_TS folder to your CD.
Note, of course, that your CD has only about 1/6 the storage space of your DVD, so you'll need to keep your project under about 10 minutes or so.
Thanks for the info.
I'd also do one more thing in this case: create an AUDIO_TS folder in the same folder as your VIDEO_TS folder. This is a holdover from the early days of DVD, when there were DVD-Audio specs. As most of that spec. was never fully implemented, the need for that AUDIO_TS folder has almost faded into obscurity. However, you are burning to a CD. Many players that will handle this for Video might also look for that old AUDIO_TS folder. Though it will be empty, if your (or your client's) player wants to see that, it might make the difference between that particular player accepting a CD with DVD-Video on it, or not. Do not put anything into that folder. Keep it empty, but just create it with that name, AUDIO_TS.
I will do this when I know that my client has an older set-top player. It is totally unnecessary with newer players and they do not bother even looking. In the case of a CD, however, you're on thin ice to begin with. As the folder will only take up a few bits of data space, it's not going to cut into your movie, and might just let more players read your CD properly.
Good luck, and please report how well this works for you. This method used to be much more popular with small Projects, when the cost of DVD media was much higher. Now, not so much.
This is an add-on: use the best possible media and burn at the slowest speed possible. ImgBurn, the freeware burning app. will do Video CD's and about all burning operations, plus it allows one to set the burn speed very low, regardless of the "speed" of the media and the physical burner.