Even on a '060 it's still not decent??? Bugger!
Yeah... It's not too good to look at, even on an '060. Heck, my 4000/060 can barely do MPEG2 Layer 3 audio at a reasonable bitrate, let alone handle anything that involves audio AND video layers...
Your best bet would be to find a program to convert the VCD (mpeg) to less compressed format, and then try to view that. It'll eat lots (LOTS!) of diskspace, and a fair while to convert, though.
Really, your BEST best choice is to find a cheap DVD player that supports VCD. My $45 Samsung does it....