Whats the best way to transfer VHS home video's into IMOVIE '11 for exporting/editing?

I have been reading about this subject online for a while now but need assistance/guidance before I go out and buy adapters etc. to begin my project. I am attempting to put home-videos of mine from VHS-C format onto my Macbook Pro.....Is it possible that if I use VCR adapter cables that go Red, White, Yellow, to USB I can directly import these VHS home videos into my computer?
I am going to have to buy a new VCR to do this and I would like to find out if this is going to work properly if I buy a VCR and use these Adapter cables I mentioned above.
Throughout my reading on the topic I've ran across a lot of different suggestions for a million different Video Conversion programs etc. although I would feel most comfortable using Imovie '11 on my brand new Macbook Pro because I have faith in Mac Programs for this type of a procedure.
I'd truly appreciate the help I've been wanting to work on this video project for quite a while now and I'm anxious to get some material in digital format to work with.

The VHS tape deck is analog. You have to convert these signals to digital format before you can edit them with iMovie.
There are a couple of ways to do this.
1) You can get a device called a DAC (Digital Analog Converter). Grass Valley makes a series of these. They are pricey, but give good results. They attach via Firewire, so make sure your Mac has a Firewire port. They produce a file in the DV format. You can import directly into iMovie with this option.
2) You can get a device called an EyeTV Hybrid. This will accept your RCA red, white, and yellow on one side, and attach with USB. This produces a file in H.264 format. You import the VHS into the EyeTV software, and then send it to iMovie through a menu choice.
3) Some camcorders have "passthrough" capability, meaning they can take the RCA Red, White, and Yellow in and output digital DV through Firewire. You can import directly into iMovie with this option.
Once converted, iMovie is a great way to edit your movies.
Personally, I use the EyeTV Hybrid. It also lets me view and record over the air HDTV on my Mac.
Here is a sample of my results with the EyeTV Hybrid.

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Whats the best way to transfer VHS home video's into IMOVIE '11 for exporting/editing?

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