You can burn 2 hours to a DVD, but the quality is going to be poor, especially if all you have is Premiere and not Encore (for Dolby audio). You will need to set the video bitrate to 3100 kbps to allow 2 hours of video and PCM audio to fit.
If your content is action packed, your best bet is to use 2 DVDs with a video bitrate of 6000 kbps.
You will chew through about half of your disc space creating temp files in the process.