VirtualDub is a legend among open-source apps. Written according to old-school principles, it aims to be the fastest tool for capturing, processing and re-encoding video files from one format to another. Performance-critical sections are hand-coded in assembly language - a practice almost unheard of in these modem times, but it certainly pays off, with VirtualDub regarded as one of the fastest encoding applications there is. It isn't especially easy to use, but technically it's near-flawless.
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