A standard VCD is good for 1-1.25 hours of "Standard, White Book MPEG1".
In order for it to play in a standard DVD player (as a "VCD") it must be in a standardized format (and the DVD player has to be able to play VCDs).
There is a newer format called "Super VCD" that offers higher quality, but the higher quality makes a bigger file, so you only get ~45 minutes per sVCD, and many DVD players that'll do regular VCDs won't do Super VCDs.
The common VCD is MPEG1 at ~one megabit....somewhere close to VHS in quality on standard-sized TV/monitors (on large screens, the MPEG blocking is pretty noticable).
Roxio EZ CD Creator can take some flavors of MPEG (maybe AVI) and convert it to WhiteBook MPEG1 to burn a VCD.
I use Premier with Ligos or Digigami CODECs. I think Pinnacle can do VCDs (as mentioned above), most of the capture cards come with some flavor of edit and/or burn programs. Set your budget and head out shopping.
Good Luck
Scott