Andrew,
Simply, yes you can burn a DVD with the TS_Folders that you found. An example of a burn program that uses TS_Folders is Pinnacle's Instant Copy.

NOTE: using TS_Folders to create a DVD is not the same as creating and burning a video image.

For your information :
BUP files are backup files. I have yet to figure out why they are needed but without them your DVD will not play.
IFO (Information) files are your information files. These are just like bookmarks that tell the player where chapters, subtitles, etc. are. Without these your player will not play the DVD
VOB (Video Objects) files are all the actual video and audio files that are mutiplexed (streams put together). 9 times out of 10, if you rename a VOB file to .MPEG, the file itself will play on your PC with any media software that you have.

I hope this helps. If you have any other questions, please feel free. I've been buring DVDs for moire years than I'll readily admit :>)