Uploading Large Files
Default SharePoint settings allow to upload into any document library files with maximum 50MB size. To change the maximum file size:
Go to SharePoint “Central Administration - Configure Virtual Server Settings from Virtual Server List Page”.
Select your server.
Go to “Virtual Server General Settings” (in “Virtual Server Management” block).
Change the value of the Maximum Upload Size in MB's.
If you increase the file size limit, your site might occasionally time out for users while they are uploading files. To accommodate this issue you have to increase the default time out property for IIS.
If you receive error message when you try to upload a large file to a document library, use information from this link to resolve the problem http://support.microsoft.com/default.aspx/kb/925083?p=1.
You can receive error "The page cannot be displayed “on IIS 7.0 installations. In this case use the following link http://support.microsoft.com/default.aspx/kb/925083?p=1.