Pls suggest any free software which will allow me to burn my video,shot on Sony Hi8 cassette,into a CD/DVD?

Start with VirtualDub-freeware that will allow you to manipulate, edit and compress data. It's a great tool that can do a ton of stuff, but you'll need to spend a fair amount of time on the website learning how to use it. Dvdshrink will work for the burn process if you don't have Nero, but you still need to convert things into a dvd format, and I don't know any free utilities that do that.

btw-at the data rate you're getting right now 1 hour will take up around 900 MB-that's 4.5 hours on a DVDR, which sounds fine to me, although converting to a dvd format might make the files much larger.

there are tons of dvd burning softwares. I use "total video2dvd author" just google it and download it. It is very easy to use and pretty fast. It will convert the file to dvd format and then write on the dvd. Good luck