FFMpeg r26087 has been ported (12/25/2010) to OS/2. Also available (9/23/2010) is another port of r25157.
This is a complete (command line driven) solution to record, convert,
and stream audio and video. Note that WarpVision, KMP, and MPlayer all
use this library.
Source: OS/2 Warp News and Rumors