It depends on what kind of movies? Short clips or long full feature? Flash movies or mpeg movies? Dial up limits you to only short clips, full length movies would take a very long time to download.
You can do it, but it will not be best quality. it will be jumpier, and have a good chance of stopping often. if my choices were a dial up computer or dvd player... id pick dvd.
I don't think that we can watch movies when we have dial up internet because the speed of dial up internet is too slow and it can't download the full movie but when we have DSL connection than we can watch movies because its speed is up to 4mb.
Streaming movies with a dial-up connection is certainly possible, but ill-advised. Loading times for full-length movies at 56k can be close to a day or even more.