Hello All,
If you are like me, and just haven't bothered with getting a decent computer lately... and still want to capture your fav TV show but don't think you can. Well I have a

PII 266mhz Genuine Intel (no celeron crap...)
64MB Ram
6GB 7200rpm IDE Harddrive
Hauppauge WinTV-Theatre PCI Capture Card
Windows ME

I am able to capture video at 352x240 30fps, 16-bit 44.1 Stereo sound. and still get really good quality captures...

I set my computer as a "Network Server" and capture using the PICVideo mjpeg avi codec and the YUV2 color setting. Set the compression/qaulity setting to 15-17.
I am able to capture the video with only 45% CPU usage, and can capture 1 hour using only approx 1.06GB.
and still manage to get better then VHS LP mode quality.