winLAME is an encoder for several audio formats, including mp3 (MPEG Layer 3), Ogg Vorbis and more. winLAME lets you set up the encoding process with an easy-to-use wizard-style user interface.
winLAME supports many input audio formats, and uses the LAME mp3 encoding library for encoding and the MAD decoding library for decoding. Feature [...]

The Quicktime Wiki at Wikicities has a great tutorial for compressing video at low bit rates while retaining a high quality.
Certain codecs and settings can be used to achieve high quality to perceptually lossless compression at relatively low bit rates. This tutorial is intended to demystify the process.
The tutorial requires Quicktime Pro (sorry), but looks [...]