Yes, I am trying to record my gameplay in real-time.
I have done a fair amount of research and thought I had everything I needed, including a Component-to-VGA Cable (the Hauppauge HD-PVR outputs component only), but apparently there is some difference in the signal coming FROM the recorder that my monitor isn't compatible with. Therefore, I needed a converter to "translate" the signal from the PVR to a signal my monitor can use. (I say "needed" because I ordered on from Amazon this morning, I just hope it works correctly)
The XBox has one out for Composite or Component (a big, XBox specific plug), and an HDMI out, but will only output through one or the other, not both at the same time.
I THINK this (converter) will get me up and running. If not, I'll be back to ask more questions later in the week.