Can i convet .mpg movies to a smaller file type?

I would like to know if there is a program to convert .mpg movies to .avi .asf or some other file type.  

I have 1.1 gigs of .mpg I would like to try to fit it on one cd.

What can I do?
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myorkAuthor Commented:
Edited text of question.
Believe it or not an AVI is going to be bigger than a properly encoded mpg. The only thing you could do is decrease the MPG quality or make the overall screen size smaller. You can do this in quicktime pro 3 or 4 or any other video editing suite.

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