Livestream Studio has a video transcoder built into its two Media bins.
In your media bin, press the '+' button in the bottom left corner.
Browse your computer for your video, then click open.
Livestream Studio will begin transcoding your video immediately.
Note: Transcoding time depends on the clip length.
If you are having trouble transcoding your video, check that it can successfully playback in Windows Media Player. Videos that cannot be played in Window Media Player will likely not be able to be transcoded in Livestream Studio's media bins.