DVD+RW is a more popular format.
Yes, this can be done. However, there are a few things you should be aware of. First, you'll probably have to rip the DVD to your hard drive with MacTheRipper. Then, if the VIDEO_TS folder is greater than ~4.3 GB, you'll have to compress the folder with DVD2oneX2. Afterwards, you can erase the DVD+RW disc with Disk Utility and reuse.