Best way to compress recording

I recorded a 2 hr. 32000hz 16 bits audio program last night in Spin Doctor. When I finished, it said that I had a 670MB AIFF file. How come it would not fit on a 700MB CD-RW? Can I covert this file in iTunes to a smaller MP3 file? Garage Band? I don't want to spend anymore money.
thanks

I could be wrong, but aren't most CD-RW 650MB and CD-R are 700MB?

rman said:

I could be wrong, but aren't most CD-RW 650MB and CD-R are 700MB?

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I have some Sony 700MB CD-RW discs.

Well remember that there is a difference in the way computers and computer media measure size. A 700MB CD-R does not hold 700MB of data from your computer. So it's quite possible that a 670MB file would not actually fit on the CD-R.

Unless you need the AIFF file, you can use iTunes to convert it to a much, much, much smaller AAC (preferred) or MP3 file.

Yeah, convert to ACC sounds like the best choice. Thanks!