A couple of years ago I converted a stack of old Camcorder & VHS tapes to AVI, then on to DVD using this:
USB Video & Audio Grabber | Maplin
You may need to tinker about with the settings, but it did a great job. Bear in mind that you need to record it in real time, so if you've got a 3 hour Camcorder video, you're going to have let it run for 3 hours. I found it best doing it in sections, so that if it didn't transfer correctly, you haven't invested too much time.
Other things to watch out for are...It can take up a huge amount of disk space, so make sure you've got plenty, also at the time of buying mine, the software only worked with XP, so you may want to check out if it's updated to work with Vista, 7, or 8.
Once transferred on to your PC, if you haven't got any Video authoring software at hand, you can use the standard Windows Movie Maker to chop/edit/and generally tart it up.
HTH.