you can essentially put a DVD in MPEG 2 into a CD. but the resolution would be super low, and the compression would be high, with a very low bitrate. so it'd suck ;-)
i'd put the movie into several CDs in MPEG2. or even divx. since if you really compress a movie using divx onto a CD, the quality leaves a lot to be desired =)
note, MPEG4 is from microsoft, and is not really MPEG, it's an "AVI" type format.
btw, i am very excited after hearing sometime back of hardware MPEG4 acceleration =), but i think that was just a rumor ;-)
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of course you'd have to compress the audio too ;-)