A WLVS file contains settings used by Windows Movie Maker, a program used to create home movies and slideshows. It stores video settings such as the width and height of your video, bit rate, frame rate, and audio format.

You can create your own custom settings for your Movie Maker Video project. Select Save movie → Create custom setting.... Name the setting, make your desired changes, and click Save. WLVS files are located in the following directory: C:\Users\[yourusername]\AppData\Local\Microsoft\Windows Live\Video Profiles The WLVS files must be placed in this directory in order for the settings to appear in the Windows Movie Maker menu. You can share your custom settings with other Windows Movie Maker users by sending them your WLVS file. When they place the file in their "Video Profiles" directory, the settings will appear in their version of Windows Movie Maker.