Download PPspliT 1.15 installer
[July 2016, ~650KB]
Includes an uninstaller.
Zip password is: "ppsplit" (I had to zip and password-protect the installer because it was mistakenly reported as malware)
Compatibility: PowerPoint for Windows, versions XP (2002), 2003, 2007, 2010, 2013, 2016 (both 32 and 64 bit).

Shortly, PPspliT is a PowerPoint add-in that splits each slide into several slides, one for each animation effect that is applied to the shapes.

Usage should be pretty straightforward: see the usage instructions.

Its most practical application is when you want to produce a PDF file of a presentation where several different shapes are drawn overlapped, because they are supposed to appear at different times. PPspliT does for you the job of producing a separate slide for each entry/exit/emphasis effect you would apply when the presentation is being actually played, so that each resulting slide contains the intermediate result of each animation step. A PDF can then be easily produced by using the PowerPoint PDF export functions or a third-party PDF generation utility (note: PPspliT is unable, and is not meant to preserve the actual animation effects inside the final PDF).

PPspliT operates with native PowerPoint shapes, therefore the slides produced after the split are not simply snapshots of the running slideshow: they are derived directly from the original presentation and still contain editable shapes.

If you still cannot get what I am saying, you may want to look at the following screenshots:

The features and limits of the add-in are documented in a preamble in the source code.
Development along time can be tracked by looking at the changelog.
A complete source package is also available, in case you want to rebuild the add-in.

All of the add-in features are implemented for all PowerPoint versions, but 1) minor glitches may exist with versions prior to 2007, sometimes due to VBA bugs, and 2) some features introduced in the latest PowerPoint releases may be unsupported (see the limitations in the preamble).

Note: as of April 10th, 2012, a security update released by Microsoft may cause the add-in to fail with errors like "Macro cannot be found or has been disabled because of security". This issue is not specific to this add-in, and impacts most VBA-based applications that make use of dialog boxes. To correct this problem, Microsoft suggests deleting cached versions of control type libraries, which is harmless for your system. I can confirm that this solution has worked for me.
Basically, you have to delete all .exd files stored in %HOMEPATH%\Application Data\Microsoft\Forms and %TEMP%\VBE. Please rely on the official instructions from Microsoft.
If this does not solve your problem, then you have likely incurred a known compatibility problem of PPspliT release 1.5, and should upgrade to any later releases.