I found this online utility which allows you to convert an Online Video from ‘YouTube videos’ for example into more popular formats like wmv, mov, mp4, mp3, 3gp etc.  The site is called vConvert.net.  It allows you to convert FLV files to the selected format faster and less lossy than with other typical transcoders.

When you submit a url via their online interface, it will download the file to a server and convert it to the video format you have selected. Then you can download the converted file.  Nice!

The interface is simple and looks like this:

I downloaded a Youtube video and was able to convert about 2 minutes of a selected video in about five minutes.  A bit long for it to convert (I converted it into an .mp4 file for the iPhone) but it worked and was downloaded to my own hard drive for use as I see fit.  It’s in beta mode so have fun.