Interesting question: you see, I've never given any thought to burning a video file onto a CD using a CD writer, I've only ever used a DVD writer. Theoretically there should be no problem.
Nero (my weapon of choice) has the capability to burn to VCD - a video format CD.
Now, this is where it gets slightly tricky; it all depends on which version of Nero you have access to. Nero 7 Ultra can do this and I think Nero 6 will oblige too. Choose the option for 'crunching' the video image - you should be able to reduce it sufficently to fit onto a CD. I've used Nero 7 to put a 6.8GB film onto a standard 4.7GB DVD, without any noticeable loss of quality so you should be alright.
I personally cannot speak for Roxio, as I ditched it as soon as I saw Nero.
I believe you could also try to source some of the 800MB CDs. That would solve your problem without any worries about size.
Good luck.