software needed
 

Is there anything out there that I can feed an MPEG and have it take screen shots every "x" amount of minutes and save the JPEGS to a folder?

crap. I don't remember the name of it... I do remember having found a program that does this a while back. But I think it did it with live feeds. i'm sure it can do it with this too. Check out if Ulead has a product for this. (www.ulead.com)