VV3 will render .rm files, but I don't think it will "publish" them (create .ram). I use Stream Anywhere for this (you will need to go in and manually edit the .ram files, but it works just fine).
As for WM, I've had problems with it, as Stream Anywhere doesn't recognize the type of WM files that VV3 creates. I think Real is a better format, anyway.
Yes, you can make Windows Media files using VV3. Note that for the commands to work *reliably* you'll need to stream the files from an actual Windows Media server.
You should also be aware that there is an issue with the WM files that VV3 produces -- they won't stream when loaded to a server (though they will play locally just fine). There is a workaround that's not too difficult, but I won't post it unless there is interest. This was noticed within days of the public release, and a fix has been promised by SF. I won't call it a VV3 bug because the issue apparently lies with Windows Media Services 4.1 and both SF and MS acknowledge it. Again, the workaround is simple so it's presented no problem for us.
(For those familiar with Windows Media, just run your rendered output through ASFchop from the Windows Media Resource Kit and the problem will be fixed and the resulting file will stream fine. I'll post a step-by-step if anyone is interested.)