http://old-computer.org/blog/wp-content/plugins/download-monitor/download.php?id=2
Once you put that in, a little window will pop up, it will look like this:

Click save file , after it's done downloading, it should be on your desktop, click it, it might ask you a security question, just open it.
To convert a file, just click the first option, which is "open file". Find your sand disk, then open the file. It will automatically convert the file. After the conversion, select the section option, "save file", select where you want to save it, then name it.
This converter also has bulk up loader. to do this, just select "Batch conversion" (the third option). A window will pop-up. select add files. Find your SD and select the files you want to convert. After that, click "select output directory". Pick wherever you want to store them. After that, just click "OK" when your finished. It will convert them and save them in the place you selected. Enjoy the converter people!
EDIT!
People!!! Guess what!!! I have found your answer for the videos!!
For you to understand, I will first explain how the replay videos save and work.
When you save the replay , it's really saving a bunch of numbers. These numbers represent where your character is, what it's doing, and what it looks like. So when you load the replay data, the game it's self puts together this match based on those codes/numbers. Now to answer your questions.
You can't convert replay data!!! (to my knowledge)
In order to do so, you would have to actually make a copy of the game, have it convert the codes for you, and remake the match (which could take about a GB or so.)
What you could do is get a program on your computer that records, and just plug your Wii into the computer and record, this is the simplest method. (this might be continued! XD)
If I messed up, sorry, I was thinking about something else when I typed this. If you have any corrections, feel free to send me a pm with your correction. I will keep looking into this.