Is it possible to edit a few words from a full legnth DVD? If so, is there a reasonably priced software that will handle rendering, and burning 2+ hours?
Is it possible to edit a few words from a full legnth DVD? If so, is there a reasonably priced software that will handle rendering, and burning 2+ hours?
 You need to provide more information. First, are you using a PC or a Mac? Are you talking about editing a DVD movie you or a friend made or is it a commercial DVD? (We can't help you if you're talking about a commercial product, i.e., copyrighted DVD.)
I'm using a PC, and it is a DVD a friend made
 I'm not familiar with it personally (I use Mac & Final Cut Pro) but I hear a LOT of good things on various forums regarding Sony's Vegas software. Depending on the umpf of your PC, storage & memory it might be what you need. Compared to some platform software "out there" I understand Vegas isn't awesomely expensive, but it isn't THAT cheap either, so you'll have to invest a bit of money.
I've no doubt, based on what friends in the business have commented, that it will do the job for you regarding your friend's DVD content.
 A search on Google, and many video forums "out there" will get you what you need to work with content on commercial DVD as well, but you'll be taking the law into your own hands.
Since it's one your friend made (no copy protection), you can just copy the .VOB files from the video_ts folder on the disk to your hard drive, rename them as .MPG and use them in your NLE like any other video file (they are MPEG-2 files).