Just like Dinoh said, get yourself a Dazzle capture card, they have pretty good reviews.
Just because you want shiny graphics, doesn't mean you have to turn other minds into wanting what you want. 480p is as good as HDMI IMO and I think I'm not the only one here to think that.When you change to HD you'll see the difference. I can't nevergo back to 480p and will never do.
@LA Every TV/Monitor now have more than one HDMI Input, where have you been?, He don't need an extra TV/Monitor to record and play he just need one. All he need to do is to change the Input Signal on the TV/Monitor and thats it!