Yep. Stick the whole file on the timeline and drag the event end back to the desired cutoff point. Save it as Disc 1.

Then drag the end back out to the extreme right, grab the file start end, drag that to where you want the 2nd disc to start. Then drag the whole 'trimmed' event to the disc start-point and Save As Disc 2.

Then re-open each project tidying up the fades, track numbers, etc, re-save, and burn. Note that fine-tuning of the event ends can still be done, as the source media remains the whole 2 hour file !

You can also use the 'Trimmer' window to do this (read the manual/Help), but I find it just as easy on the timeline directly.

geoff