No that is not the way. First of all u need a computer ( preferable a fast one), I guess u already have that.
Second, it (the motherboard) needs to have a firewire (IEEE 1394) port. If not, u can get a firewire addon card at about 400 bucks.
Third, get a firewire cable, (bundled with firewire card, if ur mobo has in-built firewire port, then get a cable from the market, Rs100)
Forth, connect ur comp with ur cam with the cable, and transfer the DV to ur HDD. WARNING: each minute of DV requires approx 350MB space, so get a fast and large HDD, I recommend 160GB SATA at least, (PATA will also do, if u dont have SATA). U will need to D/L a soft called "WinDV" to transfer the DV movie. its free, google it.
Get the panasonic codec and install it. If ur driver cd don't have it, google it and D/L.
Now u can watch ur DV movie but it will be hazy and unclear. Dont worry, its the interlaced version. U hve to deinterlace it to watch it on comp.
Download virtualdub (
www.virtualdub.org ) and smart deinterlace filter from (*neuron2.net), load the DV movie, use the deinterlace filter and the resize filter (for DVD quality 720 X540 movie), and then convert it to DVD quality avi movie.