Grab WMP video stream and convert it to FLV

Hey everybody,

I have a WMP video stream from one server, but the trouble is that only
1/4 of our users is able to play the stream correctly.

What I am thinking about is, that I could grab that WMP stream and try
to convert it on the fly to flv -> stream the converted flv on our
portal.

Would it be even possible?
Thanks for your suggestions.

Petr