find . -name "*.flv" | xargs -n 1 -P 9 ./process-video.sh
This immediately forks 9 instances of process-video.sh on the first 9 .flv files in the current directory, then starts a new instance whenever a running instance completes, so 9 instances are always in flight. (I usually set to number of cores plus one for CPU-bound tasks, hence 9 for my i7 with eight cores [1].)If you add -print0 to the find command and -0 to the xargs command, it uses null-terminated filenames (which does the right thing when filenames contain whitespace).
[1] Logical cores. Most i7's have four physical cores which become eight logical cores through the magic of hyperthreading.