Capt...get Kazaa, then get Premier. The learning curve is high, but so is the functionality. OTOH, if you don't plan on doing much with it, Pinnacle Studio is a great little program.
Go here:
http://www.divx.com. This is a great compression tool, but the people recieving the CDs will have to play them on their computer and have the codec installed.
Alternatively, I'm pretty sure you can fit close to 60 minutes on a CD in Video CD format (mpeg).
You'll also need a program to burn the Video CD...if you don't have one, Nero is great.
SOB