GoPro videos to Playstation 3

Hi y'all,

I was using my ReadyNAS for storage only but since we recently bought a GoPro, decided to stream video to our home devices. I can watch videos from my Android phone (Samsung Galaxy 5) with no problems. When I tried to watch the same videos on our PS3, it gives an error saying that the file type is not supported (error code 800288C9). So I guess my two options are to (1) convert all my videos to a PS3 supported format or (2) find a media server that can transcode videos before streaming them. I would rather go with (2) but I can't seem to find a viable option. Apparently both of my ReadyNAS units (Duo V1 and 102) are short on CPU power to handle streaming/transcoding.

So my questions to the gurus here:

(a) - Is there any add-on out there for either the Duo V1 or 102 that will do streaming/transcoding compatible with PS3?
(b) - If I have to convert all my video to a PS3 supported format, what would be the preferred format? Any recommendations in terms of SW that will handle multiple conversions in a single operation? (i.e. convert all videos in a single folder)
(c) - I confess I haven't done much research yet but I was not able to locate the videos using an iPhone. Any app required to do that?

Thank you very much!