Pretty much the only way to reduce the size of an mp3 file is to reduce the bitrate.
The lower the bitrate the lower the quality.
This is a one way process though (as far as I know) so if you like the quality as it is right now, then live with it, if you would be happy to reduce the filesize at a loss of quality then that would be do-able.
I've experimented with zipping audio files before and sometimes ended up with files bigger than when I started
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Backing them up...a small stack of DVD's and Nero?
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