Yes it can be done.
You can use DVD Lab, using your own sound track imported to Lab and create new DVD file. You will have to demux original track, but Lab will do that for you while importing movie into asset bin. You can also keep original track and use menu to choose between them.
If you want to do dubing, than it will get more complicated, Premier, Nero, Womble and some more will do that.
Of course you can make subtitles for your original.