If you make CD's once and don't use them again, then get a package of DVD+ RW or DVD- RW (Depends on your optical driver, most likely DVD+). Then you can burn the movie to the DVD (A DVD should have 4.7GB of space on it) and when you're done with it, just re-use it. I always do that, and save the image of what I burn to a folder on my desktop called 'Burned Images' just in case I need to use it again. It's a cheap way of doing things
If not, you can compress the video with the software that bakuryu mentioned, and Overburning to the CD/DVD