Not directly, but you can use VLC or FFMPEG in between. Take a look at the examples for transcoding an rtsp stream in the following examples. Replace the rtsp url with mms url. I've tried it and it works great:
I think you are going to have to ask on the ffmpeg forums. A quick google on ffmpeg mms suggests that it is not easy. Once you can ingest the mms stream though, the output part of the ffmpeg command that Richard suggests should work fine.