First of all, understand that MPEG files are already compressed video files. MPEG1 and MPEG2 do it in different ways, but non-the-less you already have compression going on. You can however, quite easily compress further, in this case to 700 MB.
BUT you will have to lose quality, as you basically have nothing "spare" in your data, so you must therefore lose data.
You can compress MPEG1 into anything at all, be it Windows Media, Real Player, or just more compressed MPEG1. Or even MPEG2 if you wanted i suppose.
What you need is a program (and maybe also a plug-in to that prgram) that can read your file, then re-encode to something else.
There are lots and lots of these around, from professional video editing stuff like Adobe Premiere (which i would use) to freely downloadable stuff.
Either search for yourself (on google or something) for words around 'MPEG', 'encode' or similar, or follow this link
<A HREF="http/www.doom9.org " target="_new">http/www.doom9.org </A>
The easiest program for you to use is likely Flask. Flask will decode your MPEG stream and (hopefully) what ever audio is in the stream. Get a rippack from doom9 and it should have everything you need. You are gonna need an mpeg decoder which your machine already has or it wouldn't be able to play mpegs ditto with the audio decoder. You will also need to pick a output format like divx. Divx is a video encoder that can be contained within an avi file type. You will also need to pick a version of divx. Some are more legit then others. You will also need an audio encoder like LAME to encode audio to MP3. If all the proper decoders and encoders are installed Flask will decode your old file and encode a new one. You can change the file size by cropping, resizing, and adjusting bit rates for both audio and video. Once you have decided what you are going to do write us back and we will help you.
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