No, It doesn't. Took this quote from their site.
Can I use Windows Media Player to burn DVDs?
Unfortunately, no. At this time, Windows Media Player can only be used to burn CDs and copy files to portable devices. If you have a DVD burner, and you want to burn DVDs, you must use the software that came with the DVD burner.
http://www.microsoft.com/windows/win...053.mspx#ENAAC