Hey noyoudidnt (funny name)
Yeah it's easy actually. You can record AND convert the videos using
Replay Media Catcher. This program lets you record YOUTUBE videos for free using the demo mode, and you can convert them to itunes format with no problem wither. If you want to record from any other sites you'll need to buy the full version, but youtube videos are 100% free always. Check it out, well worth the download, and well worth the $39 too if you want to record from other movie and mp3 sites.
Download a free copy here:
Replay Media CatcherMedia Guru