Sure.
I tried it out. (The video encoded with no problem! It's great.)
Beware. I had to leave it on overnight. Though it probably only took about 3-4 hours to re-encode.
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"The Aperture Enrichment Center would like to remind you that the Weighted Companion Cube will never threaten to stab you and, in fact, cannot speak."
-Portal A.I.
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