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+[ excerpt (with adaptations) from developer's README ]
+ffmpeg is a hyper fast realtime audio/video encoder, a streaming
+server and a generic audio and video file converter.
+
+It can convert a standard video source into several file formats
+based on DCT/motion compensation encoding. Sound is compressed in
+MPEG audio layer 2 or using an AC3 compatible stream.
+
+What makes ffmpeg interesting ?
+- Simple and efficient video encoder: outputs MPEG1, H263, Real
+ Video(tm), MPEG4, DIVX and MJPEG compatible bitstreams using the
+ same encoder core.
+- Hyper fast MPEG audio layer 2 compression (50 times faster than
+ realtime on a K6 500).
+[snip -> rest on website below]
+
+ffmpeg is made of two programs:
+* ffmpeg: soft VCR which encodes in real time to several formats.
+ It can also encode from any supported input file format to any
+ input supported format.
+* ffserver: high performance live broadcast streaming server based
+ on the ffmpeg core encoders.
+
+WWW: http://ffmpeg.sourceforge.net/