Shrink mpeg1 file slightly?

How can I shrink a mpeg1 file slightly, so I can fit it on a 720mb cd-r?

How big is it currently?

The mpeg1 file is 820mb

Have you tried to burn it to a CD. I’ve just taken an 800mb mpg file & it will fit on a 700mb CD-R with space to spare so yours might just fit.

Just convert the mpeg1 file to iso image file on the hard drive then use DVD Shrink 3.2 to compress it down to the size to fit using open image file.

Why dredge up a 13 month old thread? Nothing better to do?