Is there any software available to compress Mp3 file format.
theres a free programme availble from the creative website..creative audio converter ..you can set the bit rate, quality etc
MP3 is already as compact as they come. Any manipulation will only deteriorate the sound-quality.
You could transcode them into another format alright, but as has been said, you'd just reduce quality further. If you want to compress a MP3 you'd want to archive them, even so you probably won't save all that much. RAR I think is supposed to be decent for compressing multimedia files, even so I only save a few hundred K when compressing a 7MB track. Basically there's not much point in compressing a compressed format