DivX

You take a DVD, remove framerate and quality from pictures, remove quality from sounds, remove options like subtitles changing and other language audios, remove menus, and you end up with a DivX movie, a movie file of about a fourth of the size of the DVD...

To say it easily, DivX is to DVDs what mp3 is to CDs
 
DivX doesn't just apply to DVD ripping. You could convert DV footage to DivX if you wanted to....

I'd say it's more of a hacked version of MPEG-4 with MP3 audio typically residing in an AVI container.
 
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