http://www.tmpgenc.net/
This was posted before but it has been out there for a while. It can convert your mpegs to wmv files.
The question I have for you is why convert to wmv files when you can convert them into .asf files. These are viewable on the Media Player but half the size and the exact same quality.
I use Final Cut Pro, and then Cleaner 6. It gives you exactly what you want in every player possible. But it all depends on your budget.