Actually, it will if the DVD player supports VCD/SVCD. BIN/CUE is essentially like an ISO file for burning CD's/DVD's. It's used to trick the cd-r drive into writing in Mode 1, which will allow 800+ megs to be burned onto a normal cd-r.
Pulling the Mpeg out of a BIN/CUE, will have the same effect as burning the BIN/CUE to a CD, in that you won't be able to play it in the DVD player, if your DVD player doesn't support VCD/SVCD.
Also if you download an install Alcohol 120% it allows you to create a "virtual" drive and mount the image to a drive letter so if you don't want to burn a CD you don't have to. It will let you access the data from the bin file as if you had a disk in the drive... pretty cool.