Electronics Gadget Gurus -- can you help me?

[Yael]

My cheapola DVD player finally gave up the ghost.

I have a gift card for $200 that I won in a contest at work, so started looking at replacing it via various websites, and am now beyond confused. There are DVD Recorders, Digital Recorders, and all other oddly named things in the same section on the electronics websites.

What I need to replace -- which is pretty cut and dried:

-- Play DVDs
-- Record DVDs

What I would like to have -- which I can't figure out:

-- Be able to watch one channel while recording another
-- Be able to pause and go to live TV while recording (If I am saying that right -- like missing something and rewinding while still recording).
-- The capability to edit captured video on my computer (from a cut DVD? Flash Drive? -- How does this work)?

I am willing to spend more than the $200, but would really like to keep this under $300 if at all possible. Not interested in the BluRay investment at this time. I am not an early adopter of that nature.

What are my options that cover the 'likes'?

Any help appreciated! :hi: