I don't know how to add watermarks, but this program will convert RM to AVI:
http://www.calvin.edu/~agofor35/tinra.zip http://www.calvin.edu/~agofor35/tinragui.zip
I tried and it works (you'll get a very big AVI file), use VirtualDub ->
http://virtualdub.sourceforge.net/
Jer
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