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In Information Management Policies, one can set a retention policy for an item, e.g. if item is older than 3 years, then move it to recycle bin. You can then apply this policy to a content type in a library. Is it possible (out of the box) to get a retention policy to only execute if an item (a document) is e.g. bigger than 3 MB? How could I make something like that?

Ideally, I'd like to specify other filters as well, so that effectively you get a retention policy that looks like: "if item is older than 3 years AND is bigger than 3 MB AND is .pptx or .docx -> then move it to recycle bin". When creating a policy, right now all I can get is: "if item is older than X -> move it to recycle bin".

Can this be done out of the box, without creating custom projects that require coding?

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I don't beleive it's possible out of box.

To use a custom retention formula to determine expiration, click Set by a custom retention formula installed on this server. NOTE This option is only available if a custom formula has been set up by your administrator.

Reference: Create and apply information management policies

However you can create a custom retention policy, follow this article for doing it by code.

Creating custom retention policies for SharePoint 2010 libraries

OR

You start a approval workflow for item which is about to expire.

Run workflow for item expiration

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