1.) Purchase a VHS/DVD Recorder combo unit for $120-$300. Using that you can quickly and simply duplicate your VHS tapes to DVD media. You would also have the option of recording your favorite programs to either VHS or DVD directly. (Note: You can purchase re-writable DVDs so you can erase and use again, just like with VHS.)
2.) Purchase a TV tuner for your computer. You can connect your VCR to your computer using a TV tuner, press Play on the VCR, and use the software that comes with the TV tuner to record what's played. You can then burn the recorded file to DVD. Added bonuses here are the ability to watch live TV on your computer as well as use your computer as a Personal Video Recorder, just like a TiVo.
TV tuners are considerably cheaper, hovering in the $70-$100 range, but at the same time they don't offer quite the same quality as a DVD recorder, so there's a compromise to be made.
Hope this helps,
P.S. Most DVD Recorders offer the ability to edit out commercials, though it's much simpler to do on your computer. At the same time, though, you could use a DVD Recorder to record the initial program, then pop the DVD into your computer and start editing.
I have stacks of old VHS tapes I'd like to put on CD or DVD after editing out commercials, etc. What is the best/simplest way to accomplish this?