From Honest Technology:
HT TVR encodes and compresses video data in real-time from video devices connected to your PC: TV, VCR, or analog camcorder. Coupled with an inexpensive TV card, the simple on-screen controls make it easy to manage all your TV viewing and recording. Time-shift function allows you to instantly replay certain scenes. You can record the TV show you are watching or use the built-in scheduler to capture an upcoming program. Then you can edit the recorded file with honestech's built-in MPEG editor.