Compressing Images on Hard Drive

[clone1020]

Thanks Tyler for quick reply,

I am using Elaboratebytes Clonedvd at the moment to create images. These are usually around 4 to 4.5gb in size but need to half this size at least for storage is this possible.
Does this or the other software mentioned allow me to compress them even further purely to save storage space.
I was thinking along the lines of Winrar or winzip that type of thing.