I have a website with 2000 flv files, so im looking at about 90gig worth of videos.

Is it possible to reconvert the flv files to flv again but have them much smaller in size.

I did a youtube comparision a 18mb wmv converts on youtube and gives a 8mb file. and on my site 28mb.

Im looking for a long term solution.

Of course, you just need to create a custom format and decrease the video and audio bitrates. More you decrease the values and more the size will be smaller.

i dont get an option to create my own format.

ive selected my own format but from there i cant do anything.

To create a new format, go here: http://heywatch.com/format/new