Here's a good website with a TVersity step-by-step manual:
http://www.tweaktown.com/articles/10...ion/index.html
I looked into this a year or so ago (using another program, not TVersity), and I seem to remember something about needing Windows Media Centre installed on your PC to play files other than WMV. TVersity will work with XP or 2000...
ps: because the program is converting the video on the fly, you will need a decent PC... and a crappy wireless signal might give you problems if the video is a high-quality one.