Can I record a show on one channel while watching another channel live tv. If so how?
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You can record two channels whilst watching a 3rd live channel, simply record what you want to record and select the channel you want to watch live the tivo will do both
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In a word, yes. You can record 2 programs and watch a 3rd at same time. you can also record 3 programs at same time, but need to be watching 1 of them.
And for completeness, you can also record 3 shows at once and watch a previously recorded show at the same time!