I don't know of a motherboard on the market that has component video (the red, green blue RCA hookups).
I'm thinking you mean composite video.
And yes, that will work if you have a motherboard that has a TV-out capability.
Understand that you will likely not be happy with the quality of the video using a composite signal.
And there are plenty of VGA screens to be had. Have you looked in the store here? DigitalWW? LogicSupply?