MPEG-FAQ 4.0:

XingCD

It is the first AVI to MPEG Encoder, which allows you to make
MPEG system streams from AVI movies.

This means, you can directly use a Motion JPEG capture board at 352x288
resolution to capture Realtime video,
edit it with Adobe Premiere for Windows and make a Video CD out of it,
using the new XingCD Encoder.

The XingCD Encoder is software only, so there is no further hardware
required. It converts the AVI Video file to MPEG Video and the sound WAV file
to MPEG Audio and interleaves (multiplexes) these 2 bitstreams into an MPEG
system layer bitstream, so it could be played back via a REEL MAGIC card
for instance or the new Inside Technology MPEG player card for the PC.

The new MPEG Encoder supports full IBP format and is compatible with the
ISO11172 MPEG system layer description.

Price is 995.-US$, but this is still cheaper than a 20K US$ realtime MPEG
capture board.....

It can also encode from single TGA or BMP pics and it supports various
output format of:
352x240, 352x288, 160x120 and custom output resolution.
Rescales source to desired ouput resolution etc...

Encode Process runs in the background.

I hope, we will get soon many "fresh" MPEG Video CDs !