Turn long video file into a time lapse video file

My company wants to video employees on the production floor and play it back at very high speed to look for patterns of movement that might allow us to improve employee efficiency. I can create .ASF files from a Wireless WebCam that are high enough resolution for the job but 8 hours of work equals 8 hours of video to watch. Can some tool remove frames or modify the video to play back at 16 - 20 times normal speed? We want the video to look like time lapse video? Or, does anyone know of a media player that supports ASF files and have the ability to fast forward at 16-20 time normal speed.

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