I did so too way back in 1998. At that time DVD Writers were yet to become affordable. So the quality of the video was MPEG1/2 and edited to fit a CD (VCD). I do a have a working VCR and multiple capture cards but no Desktop with PCI slots. In fact stopped using desktops in favour of laptops.
I see that there are many composite / S-Video USB capture cards at throw away prices on Amazon. I think that it the best option.