Though there have been quite a long list of free and pricey options, I would like you to try this free video converter.
Kate's Video Converter
It can convert video file between all popular video formats including AVI, WMV, MOV , DIVX, ASF, 3GP, MP4, MPEG1, MPEG2, VCD-PAL ,VCD-NTSC, SVCD-PAL, SVCD-NTSC, DVD-PAL, DVD-NTSC and other formats.
Download from: http://www.fakewebcam.com/vfcc.asp
The best part is that you can use this a video cutter also. Just select the starting time and ending time of the video. The converter will convert the selective part to a new video in the specified format.
There is a separate Video cutter tool also available from the same website, try it if you want.
Screenshots:
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