Not quite as simple. For instance, if you wanted to make a backup copy of most DVDs, they are bigger than the 4.7 gigs u have. You have to use a program (there are lots of them, go look), to down-sample the video so that it will fit. If you remove unecessary extras and stuff from menus, you will get more room.
A warning to you, doing this with high quality is a long, CPU intensive and hard drive intensive process. On a 500 Mhz celeron, you are going to be looking at FOREVER to make backups. It takes a while to do 8 pass VBR on anything, let alone 5-8 gig video files. You can check in the a.b.dvdr newsgroups though (have a good server, and be on broadband or there\'s no point) to see if someone\'s already done the work for you (on your OWN DVDs of course).
Check doom9 for info.