I've been trying (well, once) a piece of software called PictureToTv - free trial download from http://www.picturetotv.com/download.htm - This seems to do what you want, but you can add nice transition effects & background music. You can then burn it as a VCD or DVD, using the built in burner, or an external burner such as Nero.
I believe the trial version has a watermark effect accross all the photos, but to register it is only 39.99 dollars.
If you don't want to spend more on additional oftware you can get reasonable results using the software that came with your CD writer (probably Nero or Easy Cd creator) to make a VCD. I use Nero and it's fine although I'm sure that quality would improve with dedicated software.