is this possible to do ?
In short, no.
You would need at least a DVD recorder (rather than player).
COMPAQ something or other with 500Gb Boot Disk, 1Tb external Firewire Disk, 4Gb Memory and a super duper sound card, 19" TFT Monitor etc etc etc
Sony TRV33e : Sony TRV310e : Canon XM2
Sony Vegas Studio editions to v11
Remember, there is always more to learn than there is to teach.
Nice one Mr. Jammy.
Even with a DVD recorder I'm not so sure. You would still probably have copy protection to contend with (macrovision??). Unless you are simply intending to transfer home movies, then I would expect you to be ok with it.