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.m2v is an MPEG-2 video file that contains only the video and no audio or subtitle data whatsoever. Typically accompanied by a separate audio file.
.m2v files are extremely common when using DVD authoring tools as they typically require audio and video to be stored in separate files (demuxing), a process that can be achieved with variety of video editors, such as TMPGEnc.
Related software tools
FFDSHOW (Open source)
FFDSHOW is a super-fast DirectShow decoding filter for decompressing DivX, XviD, WMV, MPEG-1 and MPEG-2 movies and supports subtitles as well. If you ever want to watch movies, get this!
TMPGEnc DVD Author (Commercial demo)
TMPGEnc DVD Author is a wizard driven, easy to use software for creating DVD-Video discs
TMPGEnc XPress (Commercial demo)
TMPGEnc XPress is a completely redesigned version of the famous TMPGEnc MPEG encoder