Media Converter is an online service which is capable converting media files (videos) to various other formats. Media Converter can directly convert an online video from Blip.tv, Break.com, Dailymotion, LiveVideo, MetaCafe, MyVideo.de, Veoh and Youtube by entering the video URL. The maximum allowed file size for the free account is 100MB and 10 conversions per day. Media Converter offers three ways of converting files- directly from the video sharing site, enter the URL of video where its hosted and thirdly uploading the video from your PC.
In the next step, select the file type to which the video should be converted and then select a name for the file.
In the next step, you can select the the audio and video birate and codec and when done click on the next button and it starts converting. There is a premium account offering where you can have more video portals added to the list and also conversion of bigger sized videos. The premium account also gives 2GB storage.