Pretty much anything can be converted to iPod-ready video. The question is, how much time do you want to commit to creating and transferring that data onto the iPod.
DVDs generally have a level of copy protection on them, but it is easily defeated.
Battery life, I don't know.
If you have a TiVo, there are "confirmed rumors" that a currently-closed-beta version allows you to select a show you have recorded by TiVo and automatically transfer, re-encode, and iPod it.
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