What you need to do is compress it. Take that 4.2 GB file and open it up in QuickTime Player (if you have the Pro version. You can also just export through FCP)
Open the movie in QuickTime Player, and choose Export.
Select "movie to quicktime movie" and click Options.
Under Video choose Sorenson Video 3. Frame rate should be current, but you can halve it if you're having a hard time reaching a small enough file size.
Quality, keep at best. Keyframe, either automatic, or a high number, like 99. Keyframes are where it stores the entire image, and not just the changes from the previous frame, so you can adjust this if it's looking weird. Keyframes take up more space, so the fewer the better.
Datarate. This is where it gets cool. Figure out how big you want your movie to be, and how many kilobytes per second it equals. Multiply by 8 to get the kilobits per second that you're aiming for. Take off 100 or so, to leave room for the audio. Optimize for streaming.
Set the video size to 320x240.
Sound should be either Qualcomm PureVoice or QDesign Music 2. Mono. 48khz. Medium quality.
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