FFmpeg

Preferred license: GNU Library or Lesser General Public License (LGPL)
FFmpeg is the leading open source multimedia processing library. Nearly any open source program you use that can play a sequence of video images accompanied by sound is probably using FFmpeg to do so. It can decode the most prominent multimedia formats ever created, whether open or proprietary, and can encode to the most important formats as well. As a novelty, FFmpeg can also decode a vast array of impossibly obscure multimedia formats and remains essential for legacy multimedia files (no codec is too old or obscure for this project). Anecdotally, FFmpeg just might be the leading multimedia processing library in existence, as many proprietary applications use it as well (as permitted by the LGPL license). There are many stealth uses as well. YouTube does not advertise how their backend conversion software operates. However, independent, empirical research has demonstrated that YouTube uses FFmpeg to convert videos.
Actual source code produced by the student participants in Google Summer of Code™ for FFmpeg can be found here.
 
Current Projects
by Kostyantin Sergiyovich Shishkov, mentored by Michael Melanson
by David Robert Conrad, mentored by Aurelien Jacobs
by Robert Bingham, mentored by Benjamin Larsson
by Bartlomiej Wolowiec, mentored by Justin Ben Ruggles
by Kamil Nowosad, mentored by Loren Merritt
by Marco Gerards, mentored by Luca Ugo Maria Barbato
by Xiaohui Sun, mentored by Baptiste Coudurier
by Reynaldo H. Verdejo Pinochet, mentored by Benjamin Larsson