Download a streaming video recording program, such as Replay Media Catcher 3.0. This program will allow you to record and store video you view on the Internet to your hard drive. The program costs around $40 as of 2009. Install the recording program, and familiarize yourself with its features. Most programs of this nature are user-friendly and will require you to simply press "Record" to begin the recording process.
Launch the video you wish to save, and pause the stream at the beginning of the show. Open your streaming video recording program, and begin recording. In your web browser, begin playing the video you wish to transfer to your hard drive. When the video finishes playback, stop your recording software and save the file it created.
Import your saved video into an editing program, such as iMovie, Final Cut Pro or Sony Vegas. In the sequencer timeline, select the commercials you wish to delete, and remove them. Drag together the parts of the video you want to keep, and consider adding fades and transitions to keep the video coherent. Save the video when you're happy with your work.
Import your edited video file into a DVD authoring program, such as DVD Studio Pro or iDVD. Adjust the settings within the program to achieve the video and audio quality you desire, and preview the video to ensure that the commercials were successfully removed and that the entire video transferred correctly.
Insert a blank DVD into your recording drive and burn the disc. This process could take anywhere from a few minutes to over an hour, depending on the quality settings you chose and the length of the video in question.