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For example, you could take an incoming H.264 stream, send a copy to disk in AVI format, a stream to a media server in MPEG3, another stream to a different media server in 3GPP, etc. etc.
It's a viewer with a built-in Swiss Army Knife for video streams.
Why not visit the website or Wikipedia and read up on it?
But, as others have pointed out, unless you are in a country that doesn't recognize international copyrights, this is begging for legal trouble.