I'm also just going to put this out there: My set up was a LOT more expensive than I'm letting on (mostly because I'm a perfectionist).

Due to the AverMedia Live Gamer HD's firmware, there is an audio to video sync issue that is about 0.012ms off and over a period of recording (example: beyond 30 minutes) the issue becomes pretty noticeable.
Thanks to this fact alone, my setup went from a simple $180 purchase (the video card) to about $750... I had to buy 2 internal sound cards and 3 extremely high quality audio cables to completely eradicate the problem. =\

The problem "can" be reduced with with a $9 Y-cable though and you can record about 5 hours of gameplay before you start to notice a problem... but like I said, I'm a perfectionist...