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Select File > Export > Using Compressor

When Compressor starts up choose MPEG-2 60Min High Quality Encode > All for the preset pull-down menu

From the Destination pull down for the file, choose other to make sure you know where the file will save to

Choose the New Folder button and save it to the Reserved Scratch Disk, be sure to name the folder something you can find and makes sense.

Then under output filename, name the file appropriately. REMEMBER TO NAME THE VIDEO AND AUDIO FILE THE SAME, leave the suffix alone (the video suffix will be .m2v, the audio suffix should be .aiff)

Click on the Submit button and then sit back and wait until you have a nice compressed file!