I'm recording video/audio on the 7D and the files are huge. Too big. What can I do?

I am recording a video/audio audition. The size limit for uploading video/audio to their site is 150mb. The shortest video/audio I have is about 107mb. I have 5 others that are all around 300-400 mb. I'm using the lowest quality setting for video on the 7D but they are just too big.

I have tried compressing in the computer but that only gives back 10-20 megs. Still way too big. This audition is a big deal for me.

Is there something anyone can think of? Obviously I'm doing something wrong if they are expecting everyone to come in under 150mb for all 6 video/audio submissions.

I know this might not be the right forum, but any suggestions? After all it's a 7D I'm recording on.