Watchmen's visionary* director Zack Snyder went into some detail about the DVD release of his pending film based on the classic graphic novel. The running time of the DVD will be a whopping 3 hours and 25 minutes. Mostly because it will include the Tales of the Black Freighter which will not be in the theatrical release.
Of course Black Freighter will be released on it's own DVD to coincide with the release of the film but I can't imagine how fans of the book would want to see it any other way than included in the overall story since it parallels and complements the larger Watchmen narrative.
Here's the trailer for that DVD if you haven't seen it-
(*Warner Brothers requires under pain of broken fingers that you refer to Zack Snyder as "visionary" whenever you mention him in writing.)