You're correct in that it is actually a (renamed) rar archive. Opening it in a hex viewer to see it's code confirms that. It also means that it isn't a typical media file (extension) that can be played in any WMPlayer etc. I believe it's a proprietary file that can only be properly decompressed and then run in it's parent program.
If you can link to it's website so I can see the program I'll have a look around and see if there's anything else that will run it or if there's a place to download an earlier, workable version for your files.
EDIT- I did find this page (you may have seen it as well) that suggests that you can convert the vcr file to mpeg..
http://www.moviecodec.com/topics/91p1.html
But I'm not sure how effective that will be because of all the other files in the archive that would not be included in the conversion. I assume that the original program assembles all of them together to create a multimedia display but the individual parts on their own will be of limited value.
