Holy shit, that's a long time. It takes me a a few mintues to convert .mkv files and play them on, sorry , my PS3. And I'm talking, of course, huge HD files as mkv's tend to be. MKV2VOB happens to be the name of it, though I don't think they make anything for the Xbox. I can't remember. But there it is just in case it can help.
I don't like streaming huge movie files to the ps3 to watch, so I setup a file server to send the file to my ps3 and watch it from the hard drive. No buffering probs ever. When I do stream, I just use windows media player sharing shit with the ps3. No need to turn on anything but the laptop. NO need to run any software, etc, either. I've never used nor needed TVersity.