Compressing Video

I have a 21 meg video I am trying to optimize for the internet. It is a mpeg file and I want to get the file size as low as possible.

Any ideas?

Thanks!

 

You can use virtualdub to encode the video,once encoded it will become an avi file.You can use various codecs,the ones that give good compression are divx,3ivx,on2 vp6,mpegable from dicas.All of them are free.For the audio you can use mpeg layer 3.
You will have to choose the bitrate in the codec properties to decide how much to compress.
Note the codecs are needed to play the encoded video.
If you are planning to use it for streaming on the net,then real producer can encode it good as well.