Yep, you'd need a capture card, and some editing software to make the edits and save the file to the proper format.
As for a capture card, there are so many different ones, I can't make a solid recommendation other than to say to either get a PCI or SCSI based card, assuming that you don't have a firewire camcorder.
For the editing software, Adobe Primere seems to be the best package out there.
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From another BBS:
"hmm... Cyrix III, huh? You can put syrup on sh*t, but that don't make it pancakes."
