Hey all, thanks for your comments and advice
I am aware that this is a pointless exersice since there are already some premade boxes or computer software I can use to do this.
But my reason for doing this is. At my location, the local cable company does not offer this feature. I looking forward to starting up this project to design an addon to their system to pause, record, rewind, and fast forward live tv. Once I have done this, I will be looking forward to making a proposal to them, for integrating my design into their system.
All advice is appreciated and welcomed