That sort of compression at a reasonable quality is not possible using mpeg, however mpeg4 would do the trick. A very powerful free tool for video encoding is VirtualDub, which needs codecs, I reccomend XviD or DivX.
I think iRiverter will convert VOB and TS files to XviD if you have the XviD codec installed. I know that it can convert movies from DVD discs, but I don't know about VOB files on your hard drive.
VirtualDub doesn't work with MPEG2 files. You can use VirtualDub Mod - a modified version of VirtualDub and an audio compression program after you finish with the video.
If you take a 4+GB MPEG video down to .7GB, you are going to introduce some serious artifacts. BUT, videohelp.com was mentioned. Nero Recode and Tsunami (TMGPEnc) will do it.
Originally posted by: gsellis
If you take a 4+GB MPEG video down to .7GB, you are going to introduce some serious artifacts. BUT, videohelp.com was mentioned. Nero Recode and Tsunami (TMGPEnc) will do it.
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