I've been doing some reading online and trying to find out if it's possible to condense normal light from something like a flashlight down to a very fine collimated beam around the size of a laser beam.
There will be a tradeoff between the width of your beam, and the divergence. That is, you can have a fat beam that diverges very slowly (eg, the searchlight) or you can focus the light into a tiny beam, and it will diverge very quickly. This is also true for laser light just as it is for incoherent light-- Laser light that is expanded then collimated again using a larger lens will diverge much more slowly than light propagating in a narrow beam.
Another thing. There are also two types of coherence. There is temporal coherence (eg how monochromatic is your light source) and spatial coherence (how much does your light source look like a small point source). For collimation, it is the spatial coherence (small source size) that is most important. One of the articles linked earlier described chromatic aberration as a problem, but this can be compensated for.
The reason why the big spotlight is able to collimate the light much better than a smaller reflector, is that the LED die is small compared to the size of a reflector, that is it behaves more like a point source (more spatially coherent).
If so, what would be the easiest way to do this and would it be as powerful as a laser?
There isn't really a way to do what you're describing.
If you're interested in a more rigorous explantion, see this wikipedia article:
http://en.wikipedia.org/wiki/Etendue
basically, the Etendue is: (size of the light source) * (angle the source is projected into), and cannot decrease in an optical system. You can focus the light source to a smaller apparent size, but then you will necessarily have a larger divergence angle.
I know you can put a parabolic lens behind the bulb and get a spotlight, but I want the beam to be smaller than the bulb. Would it be possible to focus the light from a parobolic lens to a small spot about an inch or 2 in front of the bulb and have it hit a collimating lens there and create a beam?
No. If you were to place your eye at that point (with the light OFF of course) you will notice that your LED or filament no longer appears to be a tiny point, but rather a HUGE magnified image of your filament or LED source. If you try to place a second, very narrow collimating lens at this point, that lens will be trying to collimate the large die image it sees, NOT the actual original small point source. You will end up more divergence than you would with the parabolic reflector alone.