Even at 1X DVD recording speed your P2 can keep up. However, I found 500MHz to be an off the cuff cutoff point for playing DVD via the usual software based DVD players.
Last year I was given a PII full of viruses ect. I got it running xp pro cd burner ect I am fond of telling people the only two things my computer can't do is run those new doom death games and burn dvd's I was wondering how to go about it. My system is a PII 350hrz 396 ram 1 cdrw/dvdplayer 2 40 gig hds 1 for windows xp and 1 for linux.