If on a Windows distribution that has Win Movie Maker, use that. Easy to use and does a great job.
If Vista, set it to dvd quality, widescreen (if that applies to your video).
If XP, set it to Local Computer 2.1 (something like that).
Publish (Vista) or save movie (XP) and then upload. It will be a fraction of the original size, look great for youtube and you can add your title/credits and edit it down. Stay w/i 10 minutes and 2 GB. Most videos after this are cut down to about 150MB for 10 minutes.
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