Free Software to reduce size of Fraps movie?

When recording with fraps I can only get 30 secs of footage @ screen res 320x240 which results in a whopping 40+meg file size! :(

Is there anything I can download for free which will allow me to reduce the size of this file?

Cheers
Stevie

VirtualDub plus whatever codec you wanna use. XVid is my preference.

If your running XP, you can use windows movie maker :o) Works for me.

Thanks guys.

I have movie maker but can I use it to capture in game footage?

No, but you can use it to recode a video into WMV ( compressed ) format.

Sorry, i meant to mention that. I only use it for downsizing video's taken from fraps.

Excellent - worked great - 240mb down to 3mb! Cheers all.