Smallest video file format for windows

I recently started digging through old external hard drives that I have, and found quite a large number of videos that me and my friends recorded in all sorts of games over the years. Ive been watching through them (More just skimming, its literally hundreds, maybe even thousands of hours of video) and have deleted quite a bit of crap and have gotten it down to about 2TB of video, all of which is what I consider “warm memories” from the years of gaming gone by. Now here is my problem. I have realized that whatever format I converted them into initially (I converted them since fraps outputs ridiculous file sizes) still outputted them in a rather large file format. An example, one of my DayZ videos that im keeping is a 3 hour recording. Recorded at 29.8 fps I believe? And recorded in 1080p. I think the format is WMV if I recall. So what I want to know is, what file format can I convert it to to make its size shrink down a little, while still keeping the lovely quality? Along with the program I would need to do the conversion with. Free is preferably what I would like to be paying for the program :P Since Im more just doing this for personal reasons.

Thanks to anyone who can help!

The only thing you could try is Handbrake and redo a smaller video than that 3 hour one ;)

WMV is just a container though but my guess it's VC1, but you could try mp4. and keep CRF at 20 but you could try 22 or even 24 to see if it doesn't degrade the video too much.

That is the easiest way to do it and just run with the default settings and go from there.

Thanks! im gonna run a smaller file (one of the 20GB ones) and see how much smaller it gets :)

FLV format is also a preferred choice with small file size, which is used by most video hosting websites. There are many video converter tools such as Video Converter Assist, available on the net.