converting or recording parts of DVD video when playing

[liquidcrystal]

Firstly, cool site, appologies if this post is in the wrong section?

What i'd like to do is play a dvd disc on my pc, either a movie or home video recording and as i watch the dvd i'd like to record, grab or capture small sections of it, is this possible?

Is there any software that allows me to watch a dvd that's playing and with a click of the mouse start and stop recording as the movie continues to play, save the files to a folder for me to edit or convert later?

I'm a musician, i'd like to create, edit videos of the band, add mp3, then upload the finished video to a webpage, youtube, stuff like that. I've tried screen grabbers but they don't capture the video playing on my screen? might not be the ideal way anyway, i'd prefer software that plays the video and records all in one.

Any recommendations?

Regards