I'd like to create a video from a series of images in my MFC application. Is there an API or example source code which would get me started?

I imagine I'd create an MP4 or AVI file.

(A sub question: I've heard that Windows 7 includes the MP4 H.264 encode and decoder, so I would not have to license that for my application. Is this true?)

If you google video authoring library mfc you'll find plenty of options.

Media Foundation and VP8 also seem to be a possibility

I think though that to use Media Foundation you need VC.net

you need VC.net

There is no such animal. You progably mean CLR/C++. The last I knew MFC is not managed code so can't access .NET API.