Yes provided you have some recordable DVD authoring Video software --- You should have got some with your drive
For 'Doze systems
-- I don't like it but MyDVD from Sonic is usually packaged with DVD Drives
Another one is B's Gold / B's clip / B's DVD - also often included with your drive.
(Your Computer must be fast enough for the recording stream of course).
Simply start up the application and follow the instructions.
Your computer shouldn't slow down too much provided you have a lot of RAM so the stream can be sensibly buffered. If your computer is fast enough you could in fact even play the DVD from the start while continuing the recording in progress without stopping it. (DVD-RAM media only -- buffer transfer is fast enough. This is what the panasonic DVD recorders allow you to do BTW)
At super dooper quality (not really needed) you will get 2 hours on a 4.7 GB DVD - any format). If you take the long play option this will give you 4 hours -- believe me the quality is still mega better than with a video recorder.
If you push it a little (the quality is still far better than a typical VHS tape) you can get 6 hours (Extended Play option) that's 12 hours on a double sided DVD disk. The Long play option is generally more than sufficient unless you are a mega fussy camper. The extended play option is fine for recording standard TV.
If you have Sky TV (I see you are from the UK) then use the LP (4 hrs) option for recording Sky Movies, football or whatever.
Use a Video sender to send the signal (audio and video) from your sky digibox to the video in and audio in on the Hauppage TV card and set the tuner to Composite (external). -- Better quality signal than bog standard terrestial TV - especially Channel 5 outside London and all the channels are available.
If you have the Hauppage tv card (Win TV or similar) I think you can make an AVI file directly from the TV but this won't give you the Menus and other nice features a DVD should have. You can record directly to your DVD but you will then have to use Windows to play it.
Using a decent DVD authoring package your DVD if it's compiled correctly should play in the majority of bog standard DVD players .
DVD +RW seems more compatable than DVD-RW even though it's not (yet) officially sanctioned by the DVD forum.
BTW if you want to play DVD's on a large cinema type TV and don't have a decent DVD player you can usually attach a decent video sender to the TV Out (video / audio out) of your TV card on the computer and then install the receiver by your TV and use the Video / Audio in on the tv to play it for you. The new senders (2.4 GHZ) can also transmit the dolby / dts audio steams as well so if your TV / sound system has these decoders simply insert the DVD in your computer and watch and enjoy glorious cinema on your big screen in your lounge, den , hideaway etc.
It's a Dutch site but there's English pages as well -- for the video sender look here