Can I compress my HD capture off my MyHD?

[mazeroth]

I love being able to capture HD with my MyHD MPD-100, but the problem is the 8+gig/hour it takes to do so. Is there any way I can compress my captured files to save on space? I don't mind using another program to view them. Also, my captures are limited to 2 gigs each, but it makes multiple 2gig captures each time until the show is over. I hope this won't affect my ability to compress the video.

Thanks!