I'm weird, so I run streaming files through my wave mix out and Audacity records it right off the hard drive. Bien sur, Real files have kinda poor sound quality to compact for streaming. But, you can play in Audacity and see whatcha get.

not sure about *.rm, but for *.ra you can use an old version of ra2wav. i forget which version specifically, but i do know they removed that functionality in later versions because realmedia threw a hissyfit. or try streambox maybe. hope that helps..

Oh, I should be clear, it's video (with audio) I need to convert not just audio.

You're a savvy one, orthogonality, so for all I know you've tried this - but might mplayer plus the suite of appropriate plugin DLLs do the job? I've made great use of mplayer (on Windows) for grabbing RM audio streams to WAV files, it may well be able to grab RM video streams to raw AVI files. Your mileage may vary.

Try TVC

Either that, YSI and ill see if i can sort it for you.

EO Video has a free version. I recently used it to convert Al Gore's speech off of C-SPAN.