File for preset 'veryfast' not found error (ffmpeg, x264)

[matrixxx]

rtmpdump --live -r "rtmp://live2.seeon.tv/edge/pk0jje65a5bk592" -p "http://www.seeon.tv/view/11089/ABC" -W "http://www.seeon.tv/jwplayer/player.swf" -q | ffmpeg -i - -re -isync -acodec libfaac -ab 128000 -ar 32000 -vcodec libx264 -vpre veryfast -b 600k -f flv "rtmp://localhost/live/abc"
FFmpeg version SVN-r21566-xuggle-3.4.843, Copyright (c) 2000-2010 Fabrice Bellard, et al.
built on Jan 31 2010 16:26:43 with gcc 4.2.3 (Ubuntu 4.2.3-2ubuntu7)
configuration: --prefix=/usr/local --extra-version=xuggle-3.4.843 --extra-cflags=-I/home/hudson/slave/workspace/xuggle_xuggler_binary_build/jdk/JDK5/label/Linux_x86_64/build/native/x86_64-unknown-linux-gnu/captive/usr/local/include --extra-ldflags=-L/home/hudson/slave/workspace/xuggle_xuggler_binary_build/jdk/JDK5/label/Linux_x86_64/build/native/x86_64-unknown-linux-gnu/captive/usr/local/lib --enable-shared --enable-gpl --enable-nonfree --enable-version3 --enable-libx264 --enable-libmp3lame --enable-libvorbis --enable-libtheora --enable-libspeex --enable-libfaac --enable-libopencore-amrnb --enable-libopencore-amrwb --enable-pthreads
libavutil 50. 8. 0 / 50. 8. 0
libavcodec 52.49. 0 / 52.49. 0
libavformat 52.48. 0 / 52.48. 0
libavdevice 52. 2. 0 / 52. 2. 0
libswscale 0. 9. 0 / 0. 9. 0
[flv @ 0x1da53c0]negative cts, previous timestamps might be wrong
Last message repeated 51 times
[flv @ 0x1da53c0]Estimating duration from bitrate, this may be inaccurate

Seems stream 0 codec frame rate differs from container frame rate: 50.00 (50/1) -> 25.33 (76/3)
Input #0, flv, from 'pipe:':
Duration: N/A, start: 0.000000, bitrate: N/A
Stream #0.0: Video: h264, yuv420p, 512x288 [PAR 1:1 DAR 16:9], 50 fps, 25.33 tbr, 1k tbn, 50 tbc
Stream #0.1: Audio: aac, 24000 Hz, mono, s16
File for preset 'veryfast' not found


Not really that great with linux..am on LTS 10.04 and for some reason its not detecting the presets..not sure how to fix this.