Frustrated with the fixed maximum upload file size (128MB), I decided to tinker with the back end. After several unsuccessful attempts, I cracked the size limit by simply adding the following to the .htaccess file in the main directory (where index.php is located). These lines should be added before # END WordPress, and 1073741824 is the integer value for 1024MB, or 1GB.

php_value upload_max_filesize 1073741824
php_value post_max_size 1073741824
php_value max_execution_time 600
# END WordPress
Options -Indexes

(inspired by this doc)