I wouldn't bother using that program--use VLC. It's got transcoding capabilities and everything you'll need built-in (if you get it for OS X or Windows; if you get it for *nix you'll need to make sure that you have the right libraries installed).
So in VLC, choose "Open File" (not "Quick Open File"). On my Mac, you would hit Browse to find the file you need, then select "Streaming/Saving," hit Settings, and fiddle around in there. I don't know the settings you'll need off the top of my head, but search around the VLC website (try the wiki).
Hope this helps!
~truggl |