[MSDN] If Internet search engines provide any clues, one of the most popular things people want to do with DVR-MS files is convert them to Windows Media Video files. This is an easy task to accomplish with the framework we’ve created thus far for working with DVR-MS files and DirectShow.

Great article up on MSDN on DVR-MS. I am a bit surprised though that it actually shows how to use GraphEdit to convert a DVR-MS file to WMV (as I thought they were encrypted), but hey, it’s still cool