That depends. Do you want to make a super high quality master for contest submissions, or a smaller version for internet distribution?
Job one for you is to read
ErMaC's guide. Then you'll better understand your options.
For MPEG 1 or 2, use TMPEGEnc, for another format try Virtual Dub + XviD codec.
Last, Step off the "best vid ever" soapbox, you'll piss off a lot of people saying stuff like that. It's only the best ever to you.