Does it have to be with this paticular program or are you looking to simply reduce the size of a video? You can always compress and compress more with codecs such as DIVX and XVID etc..you can do it easily with other software not sure about premiere pro 7..its a picky program ;-)
I've tried virtualdub and xvid but the file still ends to be too big! Just enough to fit one file on a blank CD! Even after zipping!!! Please, could someone help me to compress it into a really small size. I like to fit more than 2 movies on a blank CD! Thanks!!!!