Yeah. I'm sure that there's a service out there that'll do it for you, and there might be a device you could purchase to automate it, but if you want to do it yourself with your computer, you'd have to capture the output of the VHS tape (requiring a TV-in card for your peecee), encoding that to an appropriate codec (these first two steps could be combined into one, conceivably), then recording that to a Video-CD. There are many different types of Video-CDs, and different DVD players can play different types. You could also record to DVD, if you have a DVD recorder, but there are compatibility issues with those, as well.

The major problem with this is that there's not any way to speed up capturing your tapes into your computer. VHS plays at a single speed only, so you'd have to play each tape in real time to capture it.

More info is available at http://www.vcdhelp.com. They might even have a HOWTO for exactly what you want to do.