A CD/DVD-R can't be formatted in the way a hard disk can. Some software can however format a CD/DVD-RW disk so it can be used like a floppy or USB flash. In this way the RW disk can have files deleted or modified. The drawback is some DVD players won't play RW disks, usually older ones though.
If you burn it as a data disk, I think it should play, my videos files do at least, they are .mkv, mp4, .avi, etc.