1st post here (came for firmware advice - but stumbled into here)
Moving large files on the internet sometimes requires some lateral thinking.
2 minutes of DVD is always going to be too large to email no matter how you compress it. In fact a lot of ISP's and IT Managers are now placing 10Mb limits on attachmnet sizes.
Software aside if you can re-capture the footage at 1/4 size it should be mailable, or alternatively set up an FTP Server and get the other person to download it from your PC/Server (if you have a large webspace you could upload it there and get the other person to download it - thats what we do).
If the other person only needs to see the footage you could convert it to a 'streaming' format so they can just watch it online.
Hope this gives you some ideas...