The short answer is "yes", but it really depends on your TV having more than one input.
You would put a cable splitter (see Google images) on the wire that comes out of the wall. One of the OUT connections would be to the cable box, and the other would go directly to your Toshiba unit.
Depending on the outputs of your cable box, and the inputs of your TV, each unit would be connected to a TV input either by cable or video connections. You would then switch back and forth between the input from the cable box - when you wanted to watch live, digital TV - or the Toshiba when you wanted to set up/watch recordings.
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