Just skimmed this article, but it's already DEFINITELY a keeper...

Just read this article.  WOW!  The tools included are a must have -- get them.  Today.

Stephen Toub discusses the DVR-MS file format generated by Windows XP Media Center 2005, provides an introduction to DirectShow, and shows how the latter can be used to work with the former.

http://msdn.microsoft.com/smartclient/default.aspx?pull=/library/en-us/dnxpmce/html/dvr-ms.asp