Mp2 To Dvd-r

[xman26]

What i am trying to do is. I have got an ati all in wonder radeon 7500 video card. i have some vhs videos that is like 3 to 4 hrs long. i have riped the vhs down to my hard drive useing ati digital vcr to my hard drive. But the ati digital vcr converts to mp2 format. There is no video ts or audio ts file on my hard drive after the rip. The video and audio is all ready compressed into the one file. (mp2) What i am wanting to do is get it to a program like dvd shrink to shrink the file down to fit on a dvd 4.7gb media. Please help me!!