FFMpeg version 1.2.1 has been ported (2013/06/02) to OS/2.
http://hobbes.nmsu.edu/h-search.php?key=ffmpeg-os2-r1_2_1-Magic.zip
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. This build includes libx264, libxvid, libmp3lame, libvorbis, libtheora, libvxp, and libopus.