[SOLVED] How to reduce video size in Ubuntu to post in YouTube?

I faced this particular problem yesterday. We had the Annual fest of HSBC Analytics @ Bangalore, where our friends and colleagues gave some enthralling performances. I captured dozens of videos in my 14 megapixel Nikon D-90 with the hope that I'll upload them to YouTube for others too see. But, to my horror I discovered that each video is over 300 mb (4-5 min. of run time each). A particular