arggg, my cookie crumbled and my reply (an excellent one if i do say so) got pre-empted by a login prompt
repeat:
don't confuse data storage (700 Mb) with video storage (80 minutes)
drop it into nero or roxio, see how many minutes it reads as, make sure you select the video cd option
OR
double click on the file, should open with WMP or what ever viewing software you use - how long/how many minutes does it show?
use the link above - great site - newbie guides (that's what they call them there, really!

) good
tools section has a bunch of good links
TMPG is an often recommended encoder
VirtualDub also frequently recommended, more so for avi editing IMO (will show the file info, off the main File options section)