If it's recorded from a DVR, the content is probably encrypted and you won't be able to just pull the hard drive out and copy it. Your only option would be to play it in realtime and record it onto a computer through a component video connection and [ame="http://www.amazon.com/Hauppauge-Gaming-Edition-Definition-Capture/dp/B008ZT8QKO"]One of these[/ame]
You'd still need to use editing software to remove the commercials. Since it uses h.264 the file size will be pretty good, and I'd recommend using a different method to replay it on a TV ((such as putting it on an external hard drive or thumb drive (must be formatted as fat32) and playing it directly on a PS3)). If you want to put it on a DVD, you could use DVD authorizing software to try to put it on a single DVD, or you could just copy the mp4 file onto a DVD-R (many newer dvd players natively support this format.) Keep in mind that re-encoding it to mpeg2 will result in a larger file, and because of the re-encoding and 720x480 limit on standard DVD format, poorer video quality.
Edit: if you're not concerned about HD, you could probably get by with one of [ame="http://www.amazon.com/Magnavox-MDR533H-F7-Drive-Recorder/dp/B009WROL6G/ref=sr_1_1?s=tv&ie=UTF8&qid=1426439728&sr=1-1&keywords=dvd+recorder"]These[/ame]