I found a best buy gift card i got a few christmasses ago. I got a dazzle dvd recorder at best buy for 51.99. You also need to get 3 audio video splitters which i got for 20 cents each online and you can probably find for 2 dollars each and an audio video cable i'll find you the exact links of what u need.
1 of these:
http://www.amazon.com/RiteAV-Audio-Video-RCA-Cable/dp/B000V0DY7U/ref=pd_sim_e_3
3 of these:
http://www.amazon.com/Cables-Go-Video-audio-splitter/dp/B000M52X62/ref=pd_bxgy_e_img_b
1 of these:
http://www.amazon.com/Pinnacle-Systems-82301006351-Dazzle-Recorder/dp/B001CBXEDG/ref=pd_bxgy_e_img_b
All together its around 55 to 60 dollars. That is what i use and the cheapest way to do it although there are other more expensive ways. You can find the dazzle dvd recorder and the av cables pretty much at any best buy or places like it or online. But the 3 av splitters were hard to find so i had to get them online.
If you have any other questions about it just ask
You can record or broadcast anything you have on your tv or xbox 360 or ps3 with it and the quality is pretty good as you can see.