If you buy a DVD recorder, e.g. the ones that go into for your Home Entertainment not PC, then all you would need are AV cables or Scart Cables and a Video tape player.
If you have a DVD RW drive on your computer, you will need to buy a graphics card or PCI card enabling AV or scart connection. Once this is setup, plug Video player into computer, play the video and use Microsoft Movie Maker to record the clips. You can then burn them onto DVD using a program such as Nero.