93309 Auto Convert Media to Flash

We are building a flash site where users can upload video and or audio files. We have a flash com hosting account which we were going to use when we were using Flash 7, now using Flash 8. Ideally we can now just import/stream wav/mpeg/etc in our site, if not we need to have the site auto-convert uploaded video/audio to flv and store on the server. Which ever approach you feel is best/most workable please bid on that, or if both then options.