It is possible, but u would need a HUGE drive, probably about 100gb.
For example, i capture a simpsons ep. (20 mins long), then the file size of the captured video is about 2.5gigs. This is a broadcast quality (720 x 576) with cd quality sound. I also use MJPEG compression on capture, otherwise the data couldnt be written to the harddisk fast enough; so get a capture card with realtime MJPEG or MPEG compression.
If you lowered the capturing resolution, you could reduce the filesize. You could probably get about an hour of video into 1gb at half resolution (360 x 288), but the captured video would have less detail.
You also need to use a program called VirtualDub in order to overcome the 2gb file size limit, but it not too much trouble to use.
Im pretty sure a p75 should be ok, but it might not be able to capture at full resolution. I used a p200 for video capture for a while, and it seemed ok.