As long as you've got a port to plug it into on your PC and you've got some editing software to import into, it should work. I use a Mac and you can hook the VCR into a camcorder via the composite in, then connect this into the Mac via Firewire / USB. Video can then be imported into iMovie and then exported into iDVD or Toast or whatever your burning software is.
I'd assume it would be the same for PC, just a different piece of software in place of iMovie.