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Are files created using PowerPoint 2003 playable and editable in PowerPoint 2010?

I have made many PowerPoint presentations on Microsoft PowerPoint 2003 on Windows XP. I also have a laptop which runs Windows 7. I am considering upgrading from Microsoft PowerPoint 2003 to 2010. ...
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PowerPoint 2010 file saved in 2003 format is too large

I working with PowerPoint 2010. When I save my presentation as a 2003 format, my file is too large. How can I decrease this size?