Is there a way to burn an MPEG file larger than 650 MB? 

Yes, When burning a CD in mode 2, the storage capacity of a CDR is calculated by CD time, meaning 74 minutes = 740 Mb, or 80 minutes = 800 Mb. Be careful, as this has nothing to do with the running time of the video you are burning. It's always best to leave a little headroom on a CDR. applications like Nero Burning Rom 5.5 feature gauges that indicate whether or not you are exceeding the allotted storage space.