Best way to modify a WMV file and save to computer

I have a 200 MB WMV file for a 4 hour meeting presentation.  I want to split it up and save it into 4 separate 1 hour presentations.  With a little editing in the middle to remove breaks and downtimes. 
I can do everything but the Save.  Whenever I save it, it either is in really poor quality and 50 MB or it is okay quality and 500-5000 MB.  Quality doesn't have to be great but I should be able to read 12 point text when expanding it to full screen.
How do I get my final copy to be of equal quality as the original and proportionallly small file size.

I agree with Steve. While WMV is a supported format, the CODEC's used will initially heavily-compress the footage, and require some intense horsepower to internally convert to that DV-AVI.
Were I faced with your Project, WMM would be my first stop. If I needed Effects, or more editing capabilities, then I would convert that WMV to DV-AVI externally, Import that, but would probably Export/Share to DV-AVI, and use the free MS Media Encoder (name just recently changed, so my link no longer works with for the new version), as PrE (and PrPro) is not the ultimate WMV Encoder.
Remember, your material is already heavily-compressed, and no amount of conversion, whether internally, or externally, will recover the lost data and quality. Keeping things in WMV with WMM will keep it as good as it gets, and that is why Steve, and I, recommend it for this sort of Project. WMV's are great for delivery, but heck to edit.
Good luck,
Hunt

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