this question has been asked over and over and over and over. and again, no. its not gonna happen without you buying extra video recording hardware. while it is entirely possible to do from a software standpoint, there is not enough processor power to both play a game and dump 30 frames a second to the SD card or USB drive or whatever - let alone, capture the frames and convert them into an avi or any sort of video that you would be able to play a video player.

stop being cheap, go cut 5 or 6 lawns, and buy a video recording dongle for your computer

 

Six bucks should do it (one lawn?):
http://www.ebay.com/sch/i.html?_from=R40&_trksid=p5197.m570.l1313&_nkw=easy+cap&_sacat=See-All-Categories#ptm380364152215

It's definitely not the best capture card, but it's cheap! Some hints on getting it set up here:
http://wadder.freeforums.org/viewtopic.php?t=433&p=2823

 

the dazzle works pretty well. this is a video i made when i got mine to test it out.

Warning: Spoilers inside!

its also got pretty decent V4L2 support, and it is working with VLC and all my other webcam/capture programs. theres about 1/2 - 3/4 second of lag when playing through it though, even when using a big e-peen computer. so you have to get used to hitting the buttons earlier to play through it. i used their proprietary software to capture the video, and as you can see, it looks sped up a bit. this happens to all the videos i make with their software.

 

Here is one I found that is on par with the elgato or easycap 280 http://www.ebay.com/itm/HD-Game-Vid...452817?hash=item2caaffd091:g:rwQAAOSwjMJXDJ6Z
Here is some test footage: