A tool im after to compress DVD-R

I want to get a video file ripped from a DVD but its not been compressed its 7 GB big.
What can i use to compress it to 4.7 GB and how?
Will it reduce quality?

Yo-

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Thank you-

Mike

The program i use to compress dvds to minimize quality lost is ‘dvdrebuilder’ Its a free program and it come with different encoders you can try. if you want to keep the quality loss to a minimum you can have the program do multiple passes which means it trys to find the area that need more compression and compress only those areas. I’ve compressed movies over 8 gigs in size with ALMOST no quality loss. The downside is the program is really slow, on a 2.5 p4 four pass encoding takes about 10 hrs but the quality is worth it. you can get it here:
http://dvd-rb.dvd2go.org/index.php

Dvdshrink> free

DVD Rebuilder and CCE is a wonderful combination, and CCE is actually the fastest MPEG-2 encoder available, unlike what was mentioned. DVD Shrink is great if you want to put as little time and effort as is possible into this, but I certainly wouldn’t recommend doing that.

For simplicity reasons, I’d probably start out with a program like Shrink like the user(s) stated above. After you get a little better understanding of DVD/R ripping, transcoding, encoding, etc… then I’d go for the DVDRebuilder+CCE multipass method.