It will not pause and fast forward a live broadcast, but you can do so with a recorded program. Only the Access card will pause a live broadcast.
To schedule recordings, go to TitanTV, set up an account. You schedule a recording by clicking on the red button for each program.
You can watch DVDs with MyHD and it will upconvert to the resolution you specify, but you will need some program to deal with the Macrovision copy protection scheme on copy protected DVDs (most DVD). I use DVDIdle for that, but there are other options.
You can also use a stand alone program to watch DVDs just through your computer, although that probably requires at least a 1 Mhz CPU, where with MyHD the processing is done by the card.