A friend asked me to edit a video for him. The video comes from Goto Meeting and is basicly a screen recording of a spreadsheet. The original video is in 1920X1080 in WMV format. The file size a tag over 100 Megabytes.
I cut some of the unwanted material from the video and then exported it in MP4 format and now the file size is 5 gigabytes! I tried rendering it in WMV but Vegas forces me to render in 1440 X 1080. I am exporting now but considering the export time, I expect the video to be just as big as the one in MP4.
If you are converting a high bitrate video down to a lower file size, the most popular free video transcoder is probably Handbrake...
You would likely want to encode the video using H264 compression, though you might need to adjust the quality / bitrate to get an appropriate filesize. I'm not sure what would be good for a video of a spreadsheet, but I can't imagine the average bitrate would need to be very high, since it is likely relatively stationary subject matter.
You can most likely adjust the render settings to a much lower bitrate in Vegas as well, but I'm not all that familiar with that program.