New Format Wizard allows you to create your own video / audio format, create custom profile for existing format, delete custom profile or delete custom profile for specific format.
To open New Format Wizard, click the Application settings 
button in the main window, and then click Manage custom formats in the Options dialog box. The New Format Wizard opens:
Click Next to proceed to the New Format Wizard options:
Select an option and click Next. Then follow the New Format Wizard instructions to set the most appropriate options.