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Hey man, ok, first off, i dont know ANYTHING about ProTools, but thats not what i can help you with.
You seemed to have a problem with the fact that your .wav file demo was 860Mb for only 56 minutes in length. Sorry to say but .wav files are very large, and thats what u have to deal with if u want quality.
That being said, you want to look at what options ProTools has for recording, the main options you have when recording in .wav format are:
1: What Channel format you want to use (Mono or Stereo)
2: What sample rate you want to use (8000-96000Hz)
3: How many bits per sample you want to use (8-24)
4: What format of wave you want to use (ordinary or extensible)
ie. I just tested converting an 8 minute song for you in Stereo format, at 96000Hz, using 24 bits per sample, using an extensible format, and the song came out at 287Mb.
I'm sure you can change these recording options in ProTools, but if you cant you need to get a program that will change formats for you.
The BEST (by so friggen far) that I've found is, "Creative Media Source Organizer" this program converts files SO quickly, well worth getting.
Hope that helps in decreasing the size of your files to something useful 
btw, remember i dont know ANYTHING about ProTool's, so if I just wasted 5 mins of your time .......... sorry 
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