It would probably be best to convert it to MPEG-4 so that it can be maneagably streamed online. I use this tool -
AVS Video Converter
If you convert to a reasonable bitrate, you should be able to get it down to two gigs at most.
As for hosting, the file size might not be an issue, but bandwitdth surely will. If hundreds of people stream hundreds (or thousands) of megabytes, it adds up pretty quickly.
If this becomes a regular site feature, you might want to look into what the OUHoops hosting agreement stipulates for a montly bandwitdth limit, and see what sort of upgrade is available if you think you'll go over. The overage charges can be pretty steep... You'll want to be on the safe side.
You also may want to look into the SoonerVision legalities. In this case the whole "may not be reproduced or rebroadcast without express written consent" clause may come into play.