FFmpeg and Libav are open-source multimedia frameworks that can be used to convert video and audio formats, stream multimedia over networks, and perform other media-related tasks. They provide libraries and command-line tools to handle multimedia files, streams, containers, and codecs. The transcoding process involves decoding the source, filtering and processing the streams, and encoding into the destination format. The tools support many common audio/video formats and codecs as well as network protocols and devices.