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premiere comes bundled with cleaner ez which does export to mpg and wmv, but as far as i know you will have to manually chop your stuff into 2 minute segments. unless their is something that will take the exported mpg/wmv and chop it. premiere looks a bit challenging at first, but if you putz around with it enough, you will find its not so intimidating.
i think if you capture, then export using cleaner ez, you might be able to set the output files to be a certain length (thereby handling your encoding and cutting all at once)
sorry for all the "i think" answers, but i have some batches running right now and cant test it right now. i will try to later.
you should be able to find the cleaner ez plugin by clicking on "file - export timeline - choices here" ... make sure your timeline (the yellow line above the video and audio tracks) is on the whole hour if you want to export the whole thing...
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