Which File Format/compression?, how get smaller file one hour audio Options

[Bill_activist]

Thanks to everyone who took the time to respond to my last question. I appreciate it. Since I couldn't find a program running under OS 9 to do what I wanted, the 2nd best option was to run a cable from the stereo sound output port to the sound input port. That seems to work and I'm using Sound Studio to record the radio program.

Question: What format would you use to save a two hour radio program, so I get a smaller file, that I can play back using iTunes 2? It's a radio talk show, so I can accept low quality. When I save a one hour program with AIFF-C, 8 bit, mono, MACE 3:1 compression, I get a 9 meg file.

What program/format/compression or other settings do you recommend to get a smaller file for a one hour radio talk show, where quality is less important?

For example, on the other platform, I found a Windows recorder that records in Windows Media Audio, and gives me options such as 8 kbps mono, and I get a 3 meg file for one hour recording.

thank you,
bill