Sure it can be put on a 700mb CD, but don’t expect the greatest quality you’ve ever seen.
There are a few options here.
First, there’s ofcourse the option of a MPEG video stream on a CD (either VCD, SVCD, XSVCD or SKVCD). Most/all (depending on your playing hardware) can be played on DVD players, wich ofcourse is nice for watching television.
Second, there’s the option of converting the file to a DivX, XVid (etc) like format. The good thing about this is, that the quality is higher than with any kind of VCD. The bad thing, is that there are very few DVD players that can play these discs (this category of DVD players is just entering the market; I think this will be common in about 2 years or so…).
The last option is to use some kind of properiatory format, like WMV, RealVideo or Quicktime video. I wouldn’t advice that, as their quality isn’t any better than DivX or XVid, and they are less compatible (and will maybe never compatible with DVD players).
If you want good tutororials, Chickenman’s tutorials are a very good place to start with. You can find them here.
If there are any questions left, feel free to ask