There is software that can do it, but it's best to avoid this conversion, because it's not necessary nowadays. Any PAL DVD player can easily play back NTSC content, and if your TV is not older than 8 years or so, it will have no problems displaying NTSC content either (on older TV sets, it can appear black/white though). Even if it's not a Multinorm TV, many newer DVD players can output NTSC content as PAL-compatible during playback (check the options).
I would also avoid it because you will lose quality. You need to go from 480 lines to 576 lines and from 30 to 25 fps. This can also have bad effects on the audio track.
If you can't make NTSC work in color on your TV at all, maybe it's time for a new one... christmas is around the corner...