Conversion of m3u8 files to avi file format

It doesn't seem to be possible to actually convert .m3u8 files to AVI, or any other multimedia file simply because playlists do not contain any multimedia data, just references to it. Nevertheless, you can open the playlist with any of the text editor and look up the actual location of the media files, but 3u8 to avi conversion is not possible. 

Open M3U8 file    Open AVI file