converting DVD to DV format

[patriot1405]

Forgive my ignorance everyone, newbie at this.
Wife recently bought me a Sony DCR DVD-403 camcorder, which records directly onto a mini 3 inch dvd disc. At the end of disc i must finalize to be able to be seen on my dvd player. my question however, is i would like to bring this footage into Imovie for manipulation, but the end result is a video ts-folder. is it possible to convert this folder to a .DV format that imovie would accept? and will this conversion and the subsequent reconversion back to dvd form result in a severe quality loss?
Read somewhere that if a DVD-RW is used i could select VR-Mode which would enable me to remove the mpeg2 file before the camera converts it to a video ts-folder during finalizing process, dont know for sure will purchase some today. just trying to get this into a format Imovie will accept, without too much quality degradation.any help would be appreciated.

Regards.

[major]

You may try to convert the VIDEO_TS folder to "DivX mencoder" and then use DivX Doctor II to reencapsulate the video in a MOV container.