QUOTE (SebastianG @ Oct 23 2007, 10:17)

128 MB * 1024^2 bytes/MB / 79.283 min / 60 sec/min / 125 bytes/kilobit = 225.7 kilobits/sec
Some care has to be taken because kilobits/sec usually means 1000 bits/sec where as 1 KiBiByte = 1024 bytes. So, it's 125 bytes/kilobit and not 128 bytes/kilobit.
Sure... but at least hard disks use the same method, so it's probably more like 128.000.000 bytes (minus some for file system, usually) on the USB drive (at least my USB sticks work like hard disks in this regard

)
to be conservative let's use 125 "real" MB
125.000.000 bytes * 8 bit/byte / ( 79.283 min * 60 secs/min) = 210.217 bit/sec = 210 kbps (215kbps, if 128MB, 225kbps for 128 MiB)
The result is the same: use -V2 or perhaps -V1, if your music is really good compressible, -V3 if -V2 still doesn't fit. Or take 10 Euros (15 dollars?) and buy a 4 GB USB drive

(BTW: this forum uses strange conversions, too... max post length is 1024000 chars...)