The one step solution: Zamzar.com
Just enter the link and it will download the video, convert the file, and send it to you.

This can take several minutes or even hours though, so if you are in a hurry, here is another way that gives you more control over output quality, etc.

There are many ways to download videos on the web. The most convenient is RealPlayer. After you install RealPlayer, a "Download This Video" link will appear above almost all videos you see online.

This will automatically save the video into "My Videos / RealPlayer Downloads" (unless you change the preferences)

You still need to convert the file in order to edit it. You cannot edit flv files.

The best converter is also the best player: VLC.

1. Go to Convert/Save in the Media Menu




2. Select the file you want to convert and click Convert / Save.




3. Check the box named "file" and give your new file a name.
4. Select the profile you prefer (wmv is a good one if you are working in Vegas)
5. Click Save.



6. Unless it is a big file it will only take a few seconds. When the player status bar reaches the end it is done.