You need a drive that will read your DVD-RAMs and burn an R. Most of these also burn RAM, so that's not a giant issue.
Your best bet is to pick up one of the Panasonic multi-drives. I lucked out and found an IBM DVD-RAM drive for about $165. But the Panasonic drives have come down.
Beyond that you're going to need some software. I've spent a long time on a relatively inexpensive solution to this quest. And the DVD Author mentioned above really does the job.
Because you can do the editing directly on the RAM disc, it really is a nice setup. There's a relatively simple, scrolling screen that let's you move through the recording quickly. If you're editing out commercials, it's pretty easy to set a start point and then start looking for the first black cell. 90% of the time it's a commercial. And since you're creating an ISO at the end of the process, you're more likely to have other DVD players read the end result.
After fighting with sound problems and stupid editing systems, this is a pleasure. And is a real value. They also seem to always be upgrading it. Some of those people who are doing what they enjoy.