The best tool that I know is out there and is also freeware and does the fastest/best transcoding is Sceneo VCopy. Download it from here:
*www.sceneo.tv/downloads/Vcopy-deutsch-1.28.exe
Approximate time depends on the speed of your processor and the other running tasks, but expect a minimum of at least 2.5 hours for the DVD to be extracted and then burnt onto a CD. BTW, if the DVD is a commercial copy-protected DVD, Sceneo VCopy will not be able to able to extract it. You will need to use a DVD decryptor/extractor, rip the DVD movie and then use VCopy to burn the VCD. Yes, you will be able to rip with subtitles. However, be warned that while burning/transcoding a DVD into a VCD for your personal use is OK, but you cannot distribute it or give it to anyone. If you're planning to extract to a VCD, please make sure you own the DVD to avoid pirating it.