The simplest solution for you would be to just get a second TV. Use one for watching DVDs and playing games, the other for watching TV and recording stuff.
Any other setup I can think up would just be a complicated mess, and if something went wrong, you could spend hours trying to pinpoint the problem. It'd also cost as much as some cheap 13" TVs go for after you've bought all the different components.
To make this at least somewhat computer related, since you never mention anything computer related... If you have a CRT monitor, you could replace it with an LCD that has S-Video and Composite inputs, like the 20" and larger Dell LCD monitors. I have one and connect my game consoles directly to it. A cheap composite to 1/8" RCA adapter cable lets you pipe the audio through your computer speakers via the wonders of the Line-In jack. The LCD would pay for itself over time with a reduction in your monthly power bill. Just something to mull over.
I have a tv hook up problem. I am trying to hook up my vcr/dvd, cable box, video game(game cube), and tv with an RF Modulator. Reason: I want to be able to recored cable shows while I can looke at another show? Any ideas? Please?!
P.S. Do not have 3&4 channel switcher on VCR/DVd, Nor Cable Box. That's Why I have RF Modulator. Need help fading fast.