Need a capture card to record basic low-resolution crap, and a TV that has those outputs - mine only has the composite output. If you want high-definition, you'll either need a TV that can output component, as well as a capture card with component inputs, but those seem to be hard to find.
Otherwise, you can get what I got. I recently got
this and use it to record high definition video. It's a little tricky to get up and working at first, but it works great once you get it working.