How to convert AVC to WMV, with subtitles

[Kotatsu Neko]

I've been converting various file formats to WMV for 360 playback with success for a while now, including those with .srt subtitles using WinAVI.

I have a few files though (fansubbed anime) with embedded soft subtitles in them, usually in .mkv enclosures. Is anyone aware of a program which can burn the subs into the video, and preferably output the results as WMV/VC1 video?

Thanks muchly.

[Fei Fong Wong]

Not aware of one program that can do it all in one process. Check doom9 or ask there.