The answer is yes, but it's not the best way. If your PC has a firewire connection, you can transfer the video directly to its hard disk without any further compression or degradation. If you capture to your DVD recorder it will compress it to MPEG2 format. Then after you copy to your PC and edit it, you will end up compressing it one more time.
If your PC does not have firewire, you could consider getting a PCI FW card, it would cost around $30+.