you can also host videos on video.google.com
When you upload your movie google will take car of getting the file down to size. You have to sign up, but it works well. I have a number of videos up on there right now.
here is one:
http://video.google.com/videoplay?do...27&q=formula+d
If you really want to compress video on you computer a good tool is cleaner 6, but it costs around $500 if a remember correctly. I use it all the time, but it may be more then you want to pay for casual usage.