The most probable choice for a wve to mpg conversion seems to be the export of Wondershare Video Editor projects (.wve) to MPEG video format.
If you looking for a way to convert wve to mpeg, then you can do that in the program using the default export function, however you will need the multimedia data referenced in the program. Wondershare offers a trial version, so it may be worthwhile to check the program if you are attempting this conversion.
Unfortunately, we do not know about any other wve to mpeg conversion, because DIVX .wve files are just some sort of data files used during the actual DIVX conversion and it probably does not contain the actual video.
Updated: March 16, 2017