The FFmpeg project consists of two main parts: FFmpeg, which encodes and decodes the multimedia streams, and FFserver, which provides streams via HTTP for various multimedia clients. FFMpeg is completely portable since it does not rely on proprietary DLLs. The library libavcodec, which contains all the ffmpeg codecs, can be reused in any program licensed under the GNU General Public License.

Version 0.4.9 is shipping in March, 2007.

http://ffmpeg.sourceforge.net/