Actually, Wheezer is right... OP hasn't told us if the clips are already digitized, and how exactly he'd be accomplishing this process...
Leeland, if you don't have a GOOD capture device (a dedicated tuner with hardware encoding, a good Radeon All-in-Wonder card, or something like ADS InstantDVD), along with a decent (as in "fast and spacious") computer configuration, your best bet - for simplicity's sake - is, indeed, buying a dedicated standalone DVD recorder.
After you record the video in MPEG2 format, you can play with it as much as you like.
Be forewarned, though, that there are *only* a couple of applications that allow you to edit MPEG video WITHOUT re-encoding it - which is notoriously difficult, as audio/video gets de-synchronized really quick. I use VideoReDo... the other program I know to do this correctly is Womble MPEG Video Wizard.
Good luck, and keep us posted!