Hi Ras,
You are lucky your signal isn't High-Definition.
Maybe you need only a video card with a TV tuner on it.
I got a Personal Video Recorder that records TV on its hard drive. Its digital picture and sound are much, much better than a VHS tape recorder and it can record and playback 2 shows at the same time. I can watch its playback of a show from the beginning. that it is still recording. It is called Time Shifting. Its outputs are S-video, Dolby 5.1 and lots of other stuff. ;D