Burning is no problem..., just create a Blu-ray image with Vegas Pro 8, and then use any DVD burning software to burn to a DVD.

Playing it on a Blu-ray player is another story. I have burnt a DVD+RW SL and tried it in a Sony Playstation 3. Unfortunately, it didn't recognize the disc as a BDMV disc. Instead it said the disc was a "data disc" and I could find the video stream in the BDMV/STREAM folder. So I could watch it, but not as easy as it should have been (something for Sony to improve in a later firmware release).

I have not tested other Blu-ray players.