yes, it is.
First you will want a capture card such as a Hauppauge PVR-150 (single source capture) or a Hauppague PVR-500 (dual source capture). I have excellent quality captureing over s-video.
Next, you will need a way to control the receiver from LMCE. I would recommend nothing but a USBUIRT for this. Learn the codes from your remote, and everything will work automatically.
Then, the real fun begins when you start laying out recording schedules.... You'll never want to watch "Live" tv again!