Captured from a VCR Tape, I have on my hard disk a 8GB MPEG2 Movie file. What is the best way to shrink it and burn it to a 4.7GB single layer DVD.

We went to OfficeDepot and bought a VCR to DVD converter; we found that to be the simplest way

You will need special software to compress it... but compressing it that much may lead to poor video quality... could you just split it onto two DVDs?

The best way is still DVDSanta as long as you remember to install MpegDecoder012.msi