Upload video:

MPEG-1 + MPEG-Audio (MPG) MPEG-2 + MPEG-Audio (MPG) MPEG-4 + AAC (MP4) H264 + AAC (MP4)

Conversion takes approximately as long as the video runs.
Depending on the specified format it might be A BIT longer or faster.
Be patient, the page will freeze until conversion is finished.