Yes.
1. Ripp the DVD with:
CladDVD XP, CladMdec, DeMPAA, DeDVD, DVD Decoder, DVD Decrypter, DVD Extractor, DVD Master 2001, EasyVDGUI, PC OpusVD, SmartRipper, VOBDec or VOBDec Quintuplets
2. Use FlaskMPEG to transform the Vob file into a MPEG one.
Note: You can also use TMPGEnc for reencode MPEG files (if necesary)
3. Use Nero to burn the mpg file obtained to a VCD.
For tools check this site:
http://www.divx-digest.com/software/index.html
Hardware
A powerfull PC with DVD Unit and CD-RW. That's all!