Yeah you can do that. Either burn the video files to dvd (bit of a process involved since you'll be dealing with MPEG2 files...) or just connect your PC to the tv.
But this is certainly a bargain. I've got the card myself and love it. The hi-def tv resolutions look great on a monitor and you can also use the capture feature to hook up your game systems and record gameplay. It's a great way to share your special achievements or rare bugs/events etc.