Is it possible? I have been searching the forums, but haven't come across a way to do it yet.

You mean a video downloaded from the iTunes Music Store? Nope. And if someone did come up with a way it would likely be illegal (for breaking the DRM).

Always read stuff that will make you look good if you die in the middle of it.

   

The Fair Use Act says as long as its for personal use and you don't distribute the files, you can make backup copies of digital media. Theres a program called TuneBite which lets you do this to audio encoded with DRM. I'm sure with the popularity of purchasing video from iTunes a video version will be along shortly.

Also, if you own any tv shows or if you have a taped recording of a tv show, I'm pretty sure you can legally download that same show from p2p.