I use 7-zip to split and compress, then Quickpar for the par repair files; both are freeware.
Mp4 (H.264) is good for re-coding large files, try Handbrake and (my favorite) XMedis Recode; both freeware. .mkv is in my opinion the best overall, it's a very clean container; freeware players like VLC play it with no problem, you shouldn't need to download extra codec packs.
http://www.wisegeek.com/what-are-the-advantages-of-mkv-format.htm
Hope this is helpful.
Orlac
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