Attached patch add supports for both, it does not care about what browsers supports as that would need to be implemented further up the chain (on the object/node template). In other words this patch would let you use h264 and Theora for video and mpeg4, mp3 and wave for audio, and it's up to the browser to support it.

Additional steps would be to test and review patch and make sure possible overrides in webin / flow for datatype.

Follow up enhancement would be to implement a video class that has support for html5 video that support for all browsers as described here:
http://camendesign.com/code/video_for_everybody