M4V file extension

MP4 is a container format. As any other container format like AVI (.avi), RealMedia (.rm, .rmvb), QuickTime (.mov), MPEG (.mpg, .mpeg), Matroska (.mkv, .mka), OGM (.ogm) it allows you to combine different multimedia streams (mostly audio and video) into one single file.

MP4 is a file extension for the container format defined in the Systems Part of the MPEG-4 standard (ISO 14496-1).
MP4 supports all kinds of multimedia content (multiple audio streams, video streams, subtitle streams, pictures) and advanced content (called "Rich Media" or "BIFS") like 2D and 3D graphics, user interactivity, DVD-like menus.
MP4 is a streamable format.

How to open M4V files:

The native application, that can open M4V video file is Apple iTunes. M4V files are used in Apple devices like iPod and IPhone. M4V files are playable in other media players such as Media Player classic. M4V files can be edited in Adobe Premiere Pro.

How to convert file with extension M4V:

M4V video files are originally MP4 files with file extension M4V. M4V file extension can be renamed on MP4 file extension and MP4 files are widely supported in many multimedia players.

You can use specialised applications, such as Adobe Premiere Pro, that can convert or export M4V file to another video format.

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m4v in WikiPedia

m4v in Google.com