TVersity is a free media extender with transcoding capability.

As our gaming consoles have become much more powerful and begin also acting as the center of home theater systems, a glaring limitation is found, in that their internal storage is extremely limited, and physical media is clunky at best. Media centers allow you to stream/serve media from a PC. However, many consoles have limited streaming formats they will accept. TVersity helps overcome this, as it has the ability to transcode the files on the fly, so by and large, regardless of what format your media is, it will allow you to play it on your console. We have used this with the Microsoft Xbox 360, and it was not only easy to use, but worked very well. It still has some trouble with newer formats, but is heavily supported and updated as issues are found.