How would I go about using this app to record my XBOX gaming footage?
This application is used to convert video and audio formats to other video and audio formats. You can't use it to record XBOX gameplay because you will need a capture device like Elgato Game Capture. You can buy it using the link posted below. The device sits between your XBOX and PC and allows to record the gameplay which you can then modify and enhance on your PC with various applications.