Hi...I just figured this out this morning, and it couldn't be easier.
Go to the SmoothVideo Project (SVP) download page and get the full install
http://www.svp-team.com/wiki/Download.
If you already have a codec pack installed that includes FFD show, you can leave it intact, but just keep in mind that FFD show is absolutely required. The SVP installer will give you the option of installing Avisynth, ffdShow, LAV Filters, Haali, madVR, VCRedist, ReClock, and MPC-HC video player. Other tutorials will tell you to uninstall other codec packs, but I need the VFW encoders included in K-Lite Mega Codec pack, so I kept it. You'll need to select
at least the AVisynth and VCRedist package, but you can opt out of the MPC-HC-video player.
During the install, I chose to start the SVP program at windows startup so it it resides in the systray, ready to do it's thing. You'll be given a choice of simple and advanced profiles; I chose "simple" because I'm kind of a simpleton when it comes to such matters. default settings with the simple mode do a fabulous job.
Now here's where you make it work with MC:
Open MC, click tools, then the options sub-menu. Click the Video configuration button in the left hand column, and then click the "video mode: Advanced - custom"
pull-down menu. Left click "advanced," then "custom" in the submenu.
Once you've done that, click the "Custom video mode settings" button, which is the second button from the top. Under the heading "Apply the following rules" click the "add" button. You'll see "Video renderer" (all files) added highlighted in the rules box, as shown in the screen cap.
Under the heading "Details for the rule selected above," use the pull-down menu under "Type," and choose "Video Post Processor." Then for the "Filter" heading, use the pull-down menu to select "ffd show raw video processor." This sends video to the SVP manager for post processing. The final result should look like this:
Click the OK button, and close all dialog windows . Make sure the SVP manager program is running in the systray, and now you are now ready to see some of the smoothest video you've ever seen. The program can be rather cpu intensive, but if your hardware is up to the task, it's well worth the effort. You might want to experiment with hardware acceleration wherever possible in MC settings to offload some of the burden. When you play a video with MC, you should see a very small OSC with green fonts in the lower left-hand corner of the video that briefly displays SVP status, which should show that the frame rate has been doubled, indicating that SVP is doing it's voodoo.
Good Luck.