With VirtualDub you can easily encode your video, change the frame rate, add video filters, extract a part of a video, change the color depth of the video, encode the audio track, change the audio track, ... Many video input formats are supported including MPEG-1, AVI and DivX. But you can also import images files like PNG and JPEG.
VirtualDub is an open source software and it is licensed under the GPL2.

Windows