Well it will need more than one disc for Windows 7 recovery. A couple of DVD-R discs at least.
Look in Start >> All Programs >> Acer >> Acer eRecovery Management
The path may not be exactly right (I don't have Acer laptop any more) but it's pretty close I think.
eRecovery should tell you how many DVD-R discs will be required (too much data for CD-R media, you'll end up with a pile of CDs three-inches high!).