For the best results, use this method:
http://www.digitalfaq.com/guides/vid...d-recorder.htm
When it comes time to edit, what sort of editing are you going to be doing? Just cutting and moving around? Or were you planning to add effects, transitions, fade to black / fade from black, audio commentary tracks, etc? Different styles of editing garner different suggestions on proper editing software for the scenario at hand.
*** ADMIN NOTE (FOR OTHERS THAT MAY COME ACROSS THIS POST):
These discs are "homemade" in nature, containing basic audio/video from VHS transfers. These are not "studio" sources, with a mix of subtitles, etc. ***