How to decrease mb size of a video wmv file and in which software?

How to decrease mb size of a video wmv file and in which software? I am using windows media player to create it. Besides I am creating an online presentation to be uploaded on a website as a tutorial. So what should be an ideal kb or mb size for this presentation so that it can work on even dialup connections without any problem. And in this ideal size how many minutes  can be achieved for the total presentation? please give me the best possible "Size ~ minutes ~ quality" for the video.
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Well the speed of a dialup connection has a max of 56 kbit/s.
The normal speed is something like 35 kbit/s (5~ kbyte/s)
If you want to show your video without any delay that is the absolute maximum bit rate for your video.
So that would be a maximum size of 300 kbyte per minute.

That is not possible with any video codec. (it is possible but then you get a slideshow of 1 new picure per 20 seconds)

So the only sollution would be to let the dialup users buffer the video before they can watch it.
For each 300 kbyte a dialup user has to wait 1 minute.
So you can calculate how long a dialup user has to wait.
For example: if you have a 9 mbyte movie a dialup user has to wait about 30 minutes. (9mbit=~9000kbyte / 300 kbyte/min = 30 minutes)

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Using the free Windows Media Encoder, you can re-encode your wmv to whichever bit rate you decide to use.

You may also want to consider creating a higher bit rate version for high-speed connections and a low bit-rate version for dial-up and allow the user to choose.
Jeffreym17Author Commented:
Hi there!

Both mnielsm and CABIS,

I am finding it difficult to put the topic here as am finding very complex to show an example here.

But let me try explaining... See its something that I am trying to capture my desktop activity through some software and this activity will be uploaded on my website as a presentation so how to go about all this? Each instance that I perform through my mouse is recorded as it is and then this looks like a live presentation when uploaded on my website.
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