The WebCast function in Course packaging, current it only supports (wmv, mwa & mp3)..
But... NOW it supports FLV Videos tool

Whats FLV?
It Stands for Flash Videos, the same video format you see used in YouTube...

Why is FLV good?
1) The video will play on any system, this includes Apple Macintosh, Linux, and any system that supports Flash Player
2) The video will play on any browser that supports flash (safari, firefox, internet explorer, opera, etc...)
3) By Default, Streaming is Supported (unlike wmv that requires server hardware & server streaming services to enable streaming, flv does not require any, The video will play immediately, so unlike wmv video format that waits for entire video to be downoad before it can start playing playing, FLV immediately play)

How to create FLVs?
The easiest way, would be to use the Riva FLV encoder (its free)
http://www.download.com/Riva-FLV-Encoder/3000-2140-10320097.html?part=dl-RivaFLVEn&subj=dl&tag=button
TIP: you can even encode videos (flv) to (mpg) using this same tool!