If you use MPEG1, "VCD" (Whitebook Video CD), you should get at least an hour (standard CD) or maybe up to 1HR15Min (with an 800 meg CD).
MPEG4 / DIvX will give you more time, quality is still pretty good.
VirtualDub and DIvX 4.12 work pretty well, and they're free.
Good Luck
Scott