Ogg Vorbis (commonly called just Ogg) is a set of media encoding algorithms that are open source. MP3 is a format that has been patented by Fraunhofer Gesellschaft and legally all MP3 encoders should include a fee paid to him/them. Ogg is completely free (as in Beer, and as in Speech). If I am not mistaken Ogg Vorbis supports video compression as well, or at least the Xiph community has some video compression tools based on Ogg Vorbis. Check out the URL linked above to read more.

We should now have our remote directory mounted, so lets encode a single file.

This should have produced track1.ogg, and now we have a compressed version of our song that shouldn't have lost much of it's quality