How to compress mpeg 2 video.

I am new to video editing. I have a video that's about 9.5gb that fits on three dvd's. I would like to know if it's possible to burn it onto one dvd. I have Corel Video Studio 12 but when I try to "Fit to Disc" I get an error. I assume that the file is too large for this Corel. I've been trying for more than a week downloading many freeware to see if I can do it but to no avail, I've reached the end of my rope. Any suggestions would be greatly appreciated.
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More about compress mpeg video
  1. Errr, 9.5GB is too big indeed. Have you tried splitting the video file into smaller segments?

    It's very hard to significantly compress MPEG video btw; the format itself is already a compression of sorts, meaning it has little repeatable data that compressors need to work well.
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