There are other threads on this topic if you search but to answer your question .. no
atleast not directly. i do it by using a separate piece of hardware and software to strip out the commercials and a 3rd piece of hardware to view what i saved.
1- a Happauge HD PVR. connects to the cisco by component and to computer by USB. i play whats on the tv or from the pvr and record to computer.
2- VideoRedo H.264 ..that removes commercials and also black bars (letterbox -pillar box) if you wish.
3- playback with a WDLive - either from computer over the network or from a stand alone WD Elements external hard drive.
and because i like to have a "jukebox" style of keeping my movie collection. i use a program called DVDfab .. i copy to computer. transfer to the WD element and now have all my dvds at my finger tips.