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MP3's are already inherently compressed, but they can (sometimes) get a little more using "normal" compression tools.
If you're going to use it on an ipod, you can use iTunes and convert them to AAC format. In there you can specify the quality settings. AAC is a much better compression format (in terms of size vs. quality). Having said that, I hate it's proprietary nature, and I just keep things as MP3 whenever I can.
Other thing you can do is upload the file to some webspace you have (a "free" webpage from your ISP might be enough), and have them download it and then you can remove it.
The easiest way though, is get the other person on Skype or some other similar IM client, and send the files directly while you're online together.
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