iDVD isn't officially supported on Mountain Lion, but many people have reported that it works just fine as long as you get iLife '11. Earlier versions of iLife may not work correctly. There are also alternative DVD creation/burning applications available. Search the web for "alternatives to iDVD" and you'll find a number of suggestions.
... Can someone please confirm that tyhis will work?
Yes, using iLife 11 and iLife 09, and iLife 08 has been reported to work as well.
Install and update it to iDVD 7.1.2: http://support.apple.com/kb/DL1414
The DVDs you create will play on a DVD player.
If you have to purchase an iLife disc in order to obtain the iDVD application remember that the iLife 11 disc only provides themes from iDVD 5-7. The Software Update no longer installs the earlier themes nor do any of the iDVD 7 updaters available from the Apple Downloads website contain them.
Currently the only sure fire way to get all themes is to start with the iLife 09 disc:
This shows the iDVD contents in the iLife 09 disc via Pacifist:
You then can upgrade from iDVD 7.0.3 to iDVD 7.1.2 via the updaters at the Apple Downloads webpage.