This formula is missing a parethesis.

VELOCITY = (12 / ( RAW * ( 1 / 12000000 ) ) / 12

However, it will probably boil down to ....

VELOCITY = ( 12 * 12000000 ) / ( 12 * RAW )

.... which equals ......

VELOCITY = 12000000 / RAW

This is easy to calculate with DIV32 as long as the divisor is 15 bits or less. 12000000 is way less than 31 bits so that will not be a problem. If you can keep the divisor lower or equal to 15 bits you can use ......

Code:
    R0.HIGHBYTE = $00		'stuff internal registers with 00B71B00hex=12000000dec
    R0.LOWBYTE = $B7
    R2.HIGHBYTE = $1B
    R2.LOWBYTE = $00 
    Velocity = DIV32 Raw	'do the division, make sure Raw is <= 15 bits (32767)
This code can't go below 366 ft/s since Raw must not be larger than 32767(12000000/32768=366.21). However, there is a way to get around that. This code will scale the dividend and divisor as long as the divisor is larger than 15 bits.

Code:
Div32Value  VAR BYTE[4]
Raw         VAR BYTE[3]
DataIn      VAR WORD
Velocity    VAR WORD
TestBit     VAR bit

'Blah blah blah

Div32Value[3]=$00 : Div32Value[2]=$B7 : Div32Value[1]=$1B : Div32Value[0]=$00                      
WHILE Raw[2] > 0
    ASM
        bcf STATUS,C		;Shift right(/2) until highbyte = 0
        rrf _Div32Value+3,f            
        rrf _Div32Value+2,f
        rrf _Div32Value+1,f
        rrf _Div32Value+0,f
    ENDASM
    ASM
        bcf STATUS,C         	;Divide divisor by 2
        rrf _Raw+2,f
        rrf _Raw+1,f
        rrf _Raw+0,f
    ENDASM        
WEND    
IF Raw.0(15) THEN			'Do it again if necessary to get 15 bits
    ASM
        bcf STATUS,C
        rrf _Div32Value+3,f            
        rrf _Div32Value+2,f
        rrf _Div32Value+1,f
        rrf _Div32Value+0,f
    ENDASM
    ASM
        bcf STATUS,C
        rrf _Raw+2,f
        rrf _Raw+1,f
        rrf _Raw+0,f
    ENDASM 
ENDIF
Datain.HIGHBYTE = Raw[1]
DataIn.LOWBYTE = Raw[0]
R0.HIGHBYTE = Div32Value[3]	'Put dividend into it's internal registers
R0.LOWBYTE = Div32Value[2]
R2.HIGHBYTE = Div32Value[1]
R2.LOWBYTE = Div32Value[0] 
Velocity = DIV32 Datain           ' Do the divison
Could be useful for those extremley slow bullets, or passing insects :-)

/Ingvar