For video, download virtuadub.
Then download Vp7 codec from www.on2.com
Open the vid file with virtuadub.
Under Video menu, select compression. Choose vp7 codec. In properties set a desired frame rate.
That will compress the vid.
Set Audio to full processing mode. Then select compression and similarly select a desired codec. Then save the file.
or you can download KGB Compresser for compress those files.
i hear that KGB Can compress from 500 Mega to 1.7 Mega.
just try search it at google with key KGB compress