Capturing multicast stream with VNC, splitting and transcoding files

Project details: 1. Capturing multicast stream with VLC and save to the files, then transcode to? WindowsMedia? or/and RealMedia formats (or transcode on the fly). 2. Need to have the separate files with lengh of 1 hour (for example capture from 1pm-2pm, 2pm-3pm, 3pm-4pm and so on. 3. Need to be able to cut or merge files (for example [login to view URL] is 1 hour, need to cut it to start from 6:00 mins and end at 55:00mins) 4. Have those files converted and transfered to the website.