Yes. You will need some analog capture hardware and software on your PC if
you're capturing from (say) a VCR. For reviews of analog capture hardware,
see www.dvdrhelp.com.
nVidea Personal Cenema combines a capture card for analog input with a TV
receiver and digital video recorder to do just what you want to do! It also
includes a video editing suite that will allow you to seamlessly remove
comercials.