VGA is directly compatible with component video - there are cables that are wired as such, or you can make your own.
Composite and other signals? you'll need a converter.
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Yes, a converter or TV tuner can be purchased at most reputable stores that sell the monitors. They're expensive, however.
http://www.geeks.com/details.asp?invtid=KW-TVUSB7011R&cat=VCDYou need a converter box that converts TV signal input to your computer LCD display.