Yes, depending on movie length and amount of compression. Then you need to edit them together so you have a way of selecting the desired movie from a menu, unless you want to fast forward or reverse through the movies. You can go to the DivX format, but you're limited to the players that will handle the format, plus you get into quality issues. If you want to go through the learning curve, you might want to ask your question in the advanced DVDR section.
At least with the mp3 you end up with excellent quality. You will have quality issues as Pacman mentioned. There is no way you are going to get more than two movies on a DVD-5 without noticeable quality degradation. More than three and they will be very bad indeed. I wouldn't waste my time.
