Yes, but while a normal DVD-Video must have a VIDEO_TS folder in the root of the disc with at least three files (VIDEO_TS.IFO, VIDEO_TS.BUP, VIDEO_TS.VOB), DivX Ultra puts all the equivalents of this inside a single *.divx DMF (DivX Media Format) file that can be copied to any media, be it CD, DVD, pendrives, etc.
As far as we know, DivX players can read from ISO9660, ISO9660/Joliet and UDF discs, with the limitation being, apparently, the 2GB max single-file size of ISO9660/Joliet filesystem. ImgBurn allows you to burn up to 4GB in a single-file in ISO9660(/Joliet) filesystem, but I'm not sure that's compatible with all standalone players. Have you tried a DMF smaller than 2GB burnt with ISO9660/Joliet in your player to see if it works?