Hi kduchen,
There is another option - just like ripping your audio cds to mp3 format.
There is no way you are going to fit ALL of the Gigs of data on a DVD onto a 700mb CD-R.
But you can use a software package to rip the dvd into divx format (available from <a href="http://www.divx.com" target="_blank"> DIVX.com</a>).
You lose a little of the quality but it's still good. Plus, you need the divx codec (available from the same site) to be able to play them back on your PC. But as long as you cut out some of the dvd extras such as subtitles and zoom availability, you can output the ripped dvd to a filesize small enough to fit a 700mb CD-R.
Like anything though, it takes a lot of practice to get it right result.
Best Regards
Kit