Firstly you will need an analogue capture device. i.e. Graphic card with video-in or a standalone video capture card.
Depending on what resolution you want to capture it at, (800 x 600 is fine for tv playback 1024 x 768 for pc) i would suggest that if you have a hard drive with less than 60-80 Gb, capture approximately 400-450Mb at a time, then convert to vcd through nero or easy cd creator.
I hope this is plain enough for you to follow, and anything you are unsure of, feel free to ask.