how to burn large amount of audio onto a disc and play it?

So, what I want is to be able to put a lot of audio (let's say 2 hours & up) onto a disc and then be able to play it back in a portable disc player. Standard Cds won't work since they only hold 80 mins. I heard that DVDs can hold up to 120mins but that there arn't any players made for DVDs. Is this true? Also, I heard that you can burn mp3 files onto a CD and then if you have a compatible MP3 CD player, that will work and it will hold a lot more than 80 mins. Is this true? If so, how many minutes will it hold? And would this work on regular CD-Rs or would you need to buy a special kind of disc?

I also had another idea. Can you buy cheap MP3 players that can store hours of audio but don't come with any bells and whistles? They're only purpose would be to store the audio and play it back and they wouldn't require a screen or a rewritable ability. They would have to be really cheap (under $10). Their main purpose would be audio storage. They would be just like your regular music CDs except they have a lot larger capacity. Thanks for your answers!