|Sure - your options would be to try and recode it with one or another codec or transform to a more compressed format such as WMV (or RMVB, MP4)|
If you want to edit or clip the video, that's something else again
Most compression is 'lossy' and considering your intention is to compress 217:15... that's quite a bit, unless the original AVI is uncompressed, that ratio seems kind of unrealistic - there's a difference betweeen 'poor' and 'unwatchable'
I'm not one of those who think Bill Gates is the devil. I simply suspect that if Microsoft ever met up with the devil, it wouldn't need an interpreter.