At this time we still have our fair use rights. The television, movie and music industry are trying to take these rights away. If they are successful, the DVR's we all currently use from our cable and satellite services, including Tivo will become illegal. They would like to see all uses we have had since the first VHS and Betamax go away. So, you were not home when that TV show aired? Tuff, now you're going to have to pay to see it.
At this time there is no law to prevent us from using our computers as a DVR for personal use. You cannot break any other laws such as duplicating and re-distributing for profit or not. The works are copyrighted and I have no problem with that.
There are many fighting for our fair use rights. Any type of commercial exploitation of others work would be illegal still.
Personally have big gripes in this area.
Just picture this, You go buy a tape measure. This tape measure comes with a license that prescribes how, for what, and when it may be used. First it can only be used at one location. It is illegal to take it over to your friends house and use it there. It may be used only for measuring wood. However, you can buy a multi-use license which will allow you to use it at multiple locations. And they will also sell you a license for measuring brick and concrete.