You'd have to compress the 232GB drive's contents to fit on a 74GB drive. To do that, you'd need a THIRD drive to work with to hold the compressed files; you can't, as far as I know, compress and transfer at the same time.
Chances are you wouldn't be able to compress 232GB of data to one-third the size, anyways. Best way that I know of is to either copy to a drive that's bigger than 232GB, or do some drastic housecleaning, and saving a lot of archive-type data on DVDs.