converting mpeg-2 files?

[slong]

Does anyone know how to convert mpeg-2 files into another file format which would take up less hard drive size.....a 5 second clip is about 6.5mb whereas I am sure a 5 second clip using a different file format would be only 1 or 2 mb max?

[MegaTon]

Have a look here it might help!

[Frank]

Pinnacle Studio 8 should be able to handle that.

It captures in mpeg-2 format so sshould be able to read it. You can then save in other formats with high compression.