Two things:
1. Lower the bitrate of the mp3 using a tool (lots out there.. audacity is free and you can do it in there, I think foorbar 2000 does reencoding). A 5mb mp3 should be more like 5 minutes long. 128-160kbps should sound good enough and make it a lot smaller than it is.
2. If it's still an issue you can use stream from disc as described in the [Audio chapter of the Unity Manual][1]
[1]: http://docs.unity3d.com/Documentation/Manual/AudioFiles.html
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