Bloated .HDD

A couple questions on Compressor:
1. Is Compressor supposed to take a long time?
My virtual drive is only 14GB in size, but is 60GB in real size. I've been running Compressor for most of this day...and it's like the Energizer Bunny--it's still going?
2. Does it require a double amount of disk space, like Parallels image does when it defrags? I only have 12GB free on the drive with this 60GB image on it. I'm wondering when it finally compresses down, is it going to write a temp file that will just fill up my drive?
 
I would recommend eliminating or merging snapshots before compression.
 
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