Live video capture from Media Composer 3.1 and up is it Possible?

I would like to know if anyone has had any success in capturing a live video feed into Media Composer 3.1 to MC 6? My question would be, How did you get it into the system? What card did you use, Did you try Firewire(1394)? Did you do it without any conversion. How did you take care of the errors, like no video present, when you know it's getting to the machine. The OS is windows xp sp3 & Windows 7. Can anyone point in the right direction to go, or what method did you use? The discussion is open, I see no definte answers so far. Please post some answers back.