What is the most efficient way to convert a .wmv video?

[joe at actionline.com]

> First off, that video is hilarious...

Thanks Brian for yet another very helpful explanation!

Really glad to see that it is possible to convert a video to a much
smaller file size.

- - - - -

Another related problem that I am now having is that many videos
that used to play fine with Firefox on my Linux Mint box no do not
work any more since the latest "update" just a couple days ago.  (I
hate updates because they almost always break something.)

For example: This video works fine on my kubuntu box (that I have
avoided updating)
but does not work on my newly updated Linux Mint box.

http://vimeo.com/48956391