Best file type for HD copy of a DVD clip?

I’m brand spanking new to this stuff.

I have a DVD that I want to extract a 2-3 min clip from to be saved on my HD, and possibly shared via email, so I’m wondering which of the various format/types I should output the clip as.
So what creates a decent video but also small file size? It needs to be able to be played by others without additional software.

The clip is from a meeting so audio quality is more critical than video quality.
Thanks in advance!

The best way to have a clip with small file dimensions is an avi with DivX or with Xvid codec. Xvid is free.

You can use virtualdubmod to do this conversion (also free)