I know all you folks out there are probably more proficient at playing around with LiteSpeed backups than I am. Recently, I had to play around with LiteSpeed backups on a regular basis while troubleshooting a particular case for a customer. I knew that there was a utility called Extractor for LiteSpeed which can convert the LiteSpeed backups into native SQL backups. 

Parameters: 

-F|–BackupFile {path}        Path of the backup or restore file devices 

-N|–BackupIndex  {n}       File number (If multiple backups appended within BackupFile(s))

-E|–MTFFile {path}            Path of the Microsoft Tape Format file(s) to be written.  Specify either one or the correct number of files.  If only one file is named, set will be created with index suffixes. If no files listed, Extractor will print number of MTF files to be written.

-K|–Key {key}                 String used to decrypt database backup file(s) Only required if backup is encrypted.
-I|–Overwrite                   Overwrite MTFFile(s). Equivalent of INIT in native SQLServer backups

-L|–LogLevel {n}              Logging option

Example: 

Extractor.exe -FC:\LiteSpeedTran.BKP -EC:\NativeBackup.BKP -N1  

NOTE: To use Extractor utility, you do not need LiteSpeed to be installed on the box. (But the licensing policies and EULA still apply if you are using Extractor) 

How to get backup header information for LiteSpeed backups 

If you have LiteSpeed installed on your box, then you can executed the following XSP command to get a RESTORE HEADERONLY output for a LiteSpeed backup file. This will give a similar output that the T-SQL command RESTORE HEADERONLY provides: 

exec master.dbo.xp_restore_headeronly @filename =  'C:\LiteSpeedTran.BKP'

Hope this information is helpful for individuals whose working knowledge is at not an EXPERT level with this product. I am a LiteSpeed noob!