197291 mpeg to flv - joomla

I want to place 2 videos I have in mpeg, in a joomla site. The videos are 5mb each. So I will need to convert them to .flv I guess. Im not sure if i can display the videos in joomla, or if I have to put them in youtube or something like that, and then place the link in joomla? This may be a simple task, however, one alert: This is a top notch joomla site, with custom components and very ellaborate css work, so only bid if you are very good with joomla and css in general. If you arew really good, this project can be your entrance for much more work to come.