Low-bitrate video using VLC

[Idsa]

I'm trying to record 352*288 MPEG4 stream from LAN-camera using VLC 1.0.3. But I have to use low bitrate (128kbit/s) and this causes problems. MP4V codec displays a lot of artifacts, h264 records well but desynchrones audio. h264 is fixed in VLC 1.1 but I can't use it at the moment. Are there any other codecs I can use to record my video?