Burnmpg
You can fit 740 MB on a 74 min CD and 800 MB on a 80 min CD on a VCD!
Tools: Get Nero 5.5+ or get the demo here.
Launch Nero.Close the Wizard. Select File->New.1. Select VideoCD
2. Select PAL or NTSC depending what format your source MPEG is in.
3. And hit New.

1. Locate your .mpg and drag it(see picture below). Remember that you can add several .mpgs also, each mpg will be a own track on the VCD and you can add data files also, just drag them to any folder.
Note!!! If Nero complains when you add the mpg you have encoded the VCD MPG file to wrong format, you can then either let Nero encode to correct format or check our VCD Convert guides so you have encode correct or repair the MPG. Read more under Problems here.
2. Check the time. It should be the same as in the movie.
3. Rename the CD to anything you like by clicking F2 on NEW.
4. Select File->Write CD.

1. Select Write speed, lower may work better if you get problem
playing the VCD. Select Disc at once and Finalize
CD.
2. Hit Write.
.
Done.
Problems
When adding a mpg file to the Tracks list can Nero complain
about the standard, it looks like the picutre below here.
It will show what settings that are incorrect, you can now
either let Nero re-encode the video to the correct file but
it will take some time or you can turn of standard
compliance and burn anyway and it might work on your player(you
have made a XVCD) or if the settings are correct you
may only need to repair the mpg
or you can reencode with another encoder like TMPGEnc.