I just posted a message about a week ago about this. Everytime I tried playing 300Kbps .rm files, the audio would play fine but the video would only start a couple of minutes later but be very laggy. It might be because I'm using a PXA250 300MHz with an old 4x Lexar CF card, who knows. In the meantime I've searched hi and lo for ways to convert .rm files to divx files. I've found three solutions listed in order of preference:
http://www.eo-video.com/
http://www.boilsoft.com/
http://www.divx-digest.com/articles/rm2avi.html
EO-video is neat because you can que multiple files to run, and has video and audio compression options. Unfortunately it is only a 30 day trial and $35 to buy. Boilsoft's RM convertor only converts one file at a time with only video compression options. It is also a trial and $20 to buy. I messed around with TINRA a little, but was unsuccessful. It basically converts .rm files into huge uncompressed .avi files. I've been messing with EO-video a lot this past week and have found that using the divx codec with 1-pass quality based, 100% quantizer, and appropriate values for the rest of the options (320x240, bicubic, 15fps) with the MPEG codec (22050Hz, 4 kBytes/s for mono) works pretty well. To get the best result I use VirtualDub (
http://www.virtualdub.org/) on this file afterwards (2-pass, 1st pass, 2-pass 2nd pass, screen rotation) and you end up with a file that is even smaller than the original .RM file. I'm not an expert with any of this software (fibrizo's guide helped out a lot with Virtualdub), so if anybody has any better suggestions lemme know. I wish EO-video could do screen rotation and do batch encoding for 2-pass stuff so that everything could be done in one sweep, but oh well. I'll probably end up buying EO-video since I watch a lot of anime. Man, I need to suck it up and buy a 1GB CF card too.... Hope this helps.