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Quan - I have a 3ghz PC and it takes a while this is because I use 2 pass encoding and have it set to as near VGA resolution as possible with a high sound quality and for best results I allow about 100mb per 30 mins of film. Check your settings - I have one that took 18hrs because I left it running overnight and forgot to check the settings :-)
I have been told that a free package called DVD Shrink does a good job and may be quicker
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