Sure you can, but it will only act as a bigger monitor. If you're wanting to receive the cable channels, you'll still need a cable hookup.
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Or an Internet-based service which provides the streaming video. Which, if you want anything recent, will require that you pay for it and/or watch commercials ... and may or may not require that you purchase a decoder box rather than just using a PC to drive the screen. They've got to make money somewhere to pay for the production costs...
I just recently hooked up Netflix streaming through my PS3 and cancelled cable. Cut the cable bill in half (the cable company is still my ISP). Between Netflix and other internet streaming services such as Hulu, I hardly miss the cable channels at all.
To connect to the internet you need a modem or equivalent and associated hardware, I'd guess that your TV is just a display-unit (but if it claims to have internet capability do give the details). You also need an ISP, for which you'll have to pay. What have you got? L
Well, The best way to go would be to build a media center of some kind