[linux-audio-user] Is there a way to compress the size of a wave file?

[Flash Love]

I recorded a one hour audio session using windows Sound Recorder for a friend 
and much to my chagrin and my friend's dismay, the Audacity edited file is 
over 400M!

This friend is now telling me that in the past when the same one hour 
recording session was done the file size never exceeded 27M.  I do not doubt 
them, but I have no idea how to reduce/compress this wave file. 

If someone knows how I can reduce this one hour wave formatted session to a 
file size of 27M, please let me know.

Thanks
Flash