To burn a DVD of your old VHS or Hi-8 tapes or to transfer that video onto the computer, you need a VCR, a DV camera and a Firewire cable. If you dont’ have a DV camera, you can use a TV Tuner card to transfer video from the VCR to the computer.
Just connect the DV Camera to both the VCR and the computer - the video in analog form is relayed from VCR to DV camera which converts it into digital video and sends it to the computer.
For an old camcorder that has no Firewire port, use the composite S-Video cable.
Turn on the VCR and DV camera in play mode and start recording on the computer using Windows Movie Maker or any other software like VirtualDub or Win Recorder.