Best way to get Movie ready for YouTube?

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I have a Music video we did back in 1999 in Flash which is converted to a .MOV file at 640x480 so we could put it on VHS (You know, those large tapes that we used to use to record movies and tv shows on). We decided tonight that we want it on YouTube and Embedded on our site. Right now it's about 800 MB. What is the best way to downsize it in quicktime? We have quicktime pro.

Thanks for any advice.