One of the most valuable tools in my web/video arsenal is a little open source application called MPEG Streamclip by Squared 5 software. I’ve found it to be extremely useful in my day-to-day needs. It’s lightweight and really fast. The Presets feature make setting it up for a project a snap. I use the Mac version, but it does come in a Windows flavor too. With the right plug-ins, it’ll read just about any file. Then it’s a quick job to output to many others, including my current standard for web video (H.264 Mp4). MPEG Streamclip does not output to Windows Media Video (that I know of) at this time. Add that and it would be the total package.