Yes, but you might need to install a program called a DVD decoder (which is sometimes also referred to as an MPEG decoder). Many DVD drives come with DVD decoder software, so check the installation disc.
MPEG refers to the Moving Pictures Experts Group, which is an organization that creates video formats used on computers. MPEG is not a single file type or a single kind of video format. There are actually several different kinds of MPEG video, such as MPEG-1 and MPEG-2.
The main difference between different versions of MPEG video (such as MPEG-1 and MPEG-2, for example) is image quality. MPEG-1 is an older format that plays video at low resolution and is often compared to the quality of a VHS videotape. MPEG-2 is the most common format because it is the format used on most video DVDs. MPEG-2 uses a much higher resolution and looks much sharper on computer screens and televisions.