You can't have both
Of course I can. What the hell do you think PNG, ZIP, FLAC, etc. do?
While there may be one, I am not aware of a video codec that will allow you to output to a compressed format, such as is the case with a ZIP file
Any compressed video format that I know of STAYS compressed upon playback or further editing... data is lost during compression, not like a zip file
Both UT and Lagarith are losslessly compressed.
The files can be large, though. You might explore the MXF OP1a option using the AVC-I codec. It's not technically lossless, but it is Master quality, and significantly smaller than lossless.
ZIP squeezes files using an algorithm. Video is already heavily compressed right out of the camera and usually with a much better, much tighter, algorithm. It can not be further compressed without loss. That is just a fact of life for video people.
I never get rid of source material. Now that I am using a DSLR to shoot, I save everything to a hard drive, and then I make external backups to protect it. It was easier when it was all on tape. I just bought boxes of tapes. I am not inclined to buy boxes of SD cards.
The solution is to buy more hard drives. You can fit many many hours of video on a 2TB drive. If you live in the USA you can easily find 4TB drives for a mere $199 (frys.com). I remember clearly when I bought a HUGE 120MB hard drive (to replace my 104MB drive) for only $325. Boy, that was a steal at that time.
If you are a professional or a serious hobbyist, $199 is a drop in the bucket compared to the cost of your camera equipment. If you are a poor hobbyist, then I feel for you, but there really isn't anything that can be done. Get a second job shooting weddings maybe? Find a great band and create great music videos that go viral and ride their coattails? Sell your blood? Mow lawns? I don't have an answer for you. The only answer is spend money.
Well, I might be able to store it once, but without redundant backups, that one copy is living a dangerous life.
Oh, I completely understand. This is an expensive hobby. If you are a Pro, you should be able to make enough money to cover the expense of a new pair of 4TB drives every month or two. But as a prolific hobbyist videographer, unless you shoot a lot of video for your wife and her friends (as I quite often do for my wife), it is hard to explain the flow of money from your checking account to the Mastercard that you use for online purchases or for trips to Fry's or Micro Center.
I am saving a small foryune learning photography. I throw out over 90% of my images and the 5 minutes it may take me to shoot 100 images produces a lot smaller files than the equivalent 5 minutes of video would have taken.
As for video, It also means that when I use a small portion of a clip, I use a digital intermediate to save it in order to toss the rest in the Recycle bin. Not lossless mind you, just only slightly lossy. Cineform solved that problem for me back in 2005.