Well, as long as the source is external to the PC, sure. If you mean recording 1942 while you're playing, no. At least, not without some serious finangling... There's software out there to do that without the need for a tuner card (I think XP has it built in...)
If you get one of the later All In Wonder cards, you will have a bunch of connection options. Mine has SVideo, Fire Wire, Coax, and component video inputs.