HEALEY, you can watch something that is recorded on the TiVo and record something else at the same time. As for transferring stuff to a PC I do it all the time. If you want to put it on DVD or on a ipod, etc. you need the TiVo desktop plus software which costs $25. The basic TiVo Desktop software is free and lets you transfer recordings to a PC, but you need a TiVo USB network adapter to do this.