You can definitely put 'dvd content' on a cd, but you are probably going to be limited to it only playing on a computer. Most set top players can't 'see' that there is dvd material on a cd, because it's 'looking' for cd audio and the like. There are a few players out there that can playback 'Mini-DVD's' or 'DVDonCD', and you might want to take a look at VCDHelp.com and look at the compatibility list they have there. If you just want to play it on a computer, then the computer should have a P3 500Mhz or better CPU, 8x speed min CD-ROM, and DVD player software. The software should recognize your cd with dvd content and play it as such.
One other note, you can't just put an mpeg file on a cd and expect to play it like a dvd. Many computers have the software to playback mpeg2 files, and if so, running the file directly from the cd (with the above specs noted) should work just as it would if played directly from a hard drive. If you want menus and links and the like that you see with dvd's, then you would need an authoring application like ReelDVD/DVDWorkshop/etc to accomplish that.