You can always re-encode the whole thing but with a lower bitrate/framerate.
But... i would REALY recomend dropping the VCD-part, as you get better visual quality from Xvid and DivX. Use some heavy compression for the sound also, and it shouldn't be any problems fitting it on a single CD.. One question thou...
why?
Every time your compress/reencode it to make it smaller, it turns crappier and crappier...
There is a reason why a DVD is 4.2 GB....
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Meh....
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