WMVs are proprietary pieces of shit to work with, even moreso if they are VFR.
You can use the WMV version of VirtualDub (not the old ASF 1.3c version) which may/may not work in extracting the audio and possibly the video, or...
Use AVISynth and it's DirectShowSource() function to feed the WMV to your MPEG-1 encoder of choice (since it's going to become a VCD). Alternately, you could dump this to a lossless format, and feed _that_ to any VfW compatible program for assured compatibility instead of depending on AVISynth's frameserving.
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