Unless your drive is DVD writable, you will only be able to burn CDs. However, there is a format that will burn video footage to CD in "VCD" format. The quality is similar to VHS, the disc will hold up to 80 minutes of footage and will be playable in most DVD drives that accept CDR/CDRWs.
The main difficulty will be getting the footage off your camcorder and on to your computer. If the camcorder records to card, it should be easy enough; if it is a tape machine you may need some extra hardwarre to download the footage onto your computer. Check the manual for more information, and www.videohelp.com for lots of info on VCDs and more.