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If you want to reduce the filesize that much you will have to recompress the video and for that you will need the codec. Better use VirtualDub to cut the file in half and burn it to 2 CDs.
Before you do anything drastic, I'd ask you what is the format of the audiostream? If it's, by chance, Uncompressed PCM (WAV) 48,000Hz, you can reduce the filesize SUBSTANTIALLY by compressing the audiostream (e.g. MP3 at 44,100Hz 128Kbps)...
That is about the size of my average high-quality rip with uncompressed audio (before I normalize and recombine in VirtualDub -- thanks to those here who got me onto that process).
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