The short and the long suggestions:
Short: use an HDMI-to HDMI splitter to connect to your TV (even though you are only using one of the output connections). The splitter will nullify HDCP. (Google online for splitters known to work this way. In theory only all splitters should work this way, but a few have built HDCP in.)
Long: buy a recorder such as the magnavox MDR867H. Since the only input to the recorder is RCA (yellow-white-red), attach a HDMI-in RCA-out splitter. Now send your input to the recorder. For output use an HDMI cable. Because the input was RCA, the output is not blocked by HDCP. So you can watch and record on TV. The picture looks pretty good, but not as good as the "short" solution above.
