Hi
"What is weird however is that when opening the "movie" i can actually expand it to full screen in spite of 720X576 pixels- what is not plausible as regards clip though the latter has now the same chracteristic- that is 720X 576"
Even though the player may show it full screen, your movie is 720 x 576 with an aspect ratio of 1.25. If you do see it full screen it may be that your player either "stretches" the image to fit your screen from side to side. (I am assuming your screen is similar to mine with AR = 1.5 or that you have a wide screen 16:9)
Alternatively you may see full screen if the player enlarges it slightly and then truncates the top and bottom to make it fit.
These are the only ways your IMAGE will assume the same SHAPE as your screen. It will fit an old TV monitor though which is 1:2.5 
In any event VP will not alter the AR of your film image, If the original is AR 1.25 then the output is AR 1.25.
"I am not sure If I understand you well, but as far as I am concerned If I insert HD 720 setting the resolution changes automatically into 720X1020 or sth and consequently I was not able to set HD 720 and 720x576 at the same time."
That is correct...but the shape (AR) of the image will not alter.
The pixel values you enter when setting up the .avi refer to the the frame shape and size. Your image will be fitted into this by enlarging it or shrinking it.
If you set pixel values larger than the resolution of your film, then your film is expanded to fit (and thus will lose some clarity-not much if the values are close) but if the AR you choose doesn't match your film then you will have borders either to the left and right or top and bottom within the screen shape.
If you select HD720, this means a frame size of 1280 x 720 pixels. (1.77) Your image is 720 x 576 (1.25) and when fitted by enlarging it leaves a black border to each side. The image will remain the same shape; VP will not stretch the image out. (But you can crop your clips to 16:9 and have a full screen image at the expense of losing parts of the top/botton of the image.
I mentioned HD 720 as I find this resolution OK for VHS tape analogue to digital copies which have an AR and resolution the same as yours.
If you choose to set a custom resolution of 720x576 (there are no presets that exactly match this) then you will have a full frame image, although when shown on a TV (not an old type) or on your PC you will still have side borders since these screens are not the same shape. Your image will always be AR 1.25 unless you crop it to somthing different in VP.
"The movie was converted into avi from cassete recoridng on camera,"
If it was a standard VHS analogue cassette "grabbed" and converted to a digital copy then that may explain why the quality may be not as good as the original, and the AR. Super VHS or Hi8 come out better but I have never managed to get a copy that matched the original and I have converted hours of tape (and film).
If you feel the quality is not good enough however It is possible to enhance your clip using a virtualdub sharpen filter, one of many filters (.vdf files) that can be incorporated into VP.
Nat