How to create timelapse video using CR2 RAW files?
Picasa is free software that will do exactly what you're after. It can read a whole range of RAW file types and also creates timelapse videos.

To create your video, first import the folder of RAW files into Picasa and select the folder. Now:


From the menu: Create > Video > From Selection
The Video Maker screen will now appear. In the left-hand pane, make sure the Video tab is selected.
Under Transition Style choose Time Lapse
Set your frames per second using the Slide Duration slider (e.g. 1/25 sec for 25fps)
Set your other options and hit Create Video.


Couldn't be easier!