@ REY619, Using Audacity u can compress MP3 but not in gr8 proportion.
here is the solution it works 4 me may be to u too :
Edit ur MP3 files if they are songs then it has some streams without sound tracks on it at the starting & at the ending (waveform shows straight lines without any disturbance ) delet this part of file it will reduce file size for some extends.
If ur not high level listener, then reduce ur file bits from 32 to 24 or 16, it will not works for all the files everytime.
Also i want ot recommonded u that use "dBpowerAMP Music Converter" it is one of the best converter + compressor & it is free. Also one more tool is MP3Shrink.
If u want it then contact me.
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winmp3shrink :
*www.softpedia.com/progDownload/WinMP3Shrink-Download-29022.html