If you want to go the the cheap practical route
I have one of the cards, it's easy to hook my vcr to this card via the cables provided.
DVD Power Producer (software included) easily captures VHS data.
DVD Power Producer easily converts that captured data to Video format.
The only potential problem might be MacroVision copy protection, but my VCR doesn't have this problem, and there is some hw out there to deal with this.
Everything works great, it just takes 2 hours to capture a 2 hour video.
and it takes 1/2 hr to 1 hr to convert video.
If you get some other capture device, that conversion to video can happen on the fly, but you pay upfront, and IMO you might lose some quality.
Check out this link