It's possible but not encouraged. The tapes you would be making clips from are copyrighted material, and many of the video producers that are active (MTP, TC, FM, FootParadise, and Harmony) have specifically asked us to not allow clips of thier videos to be posted here outside of the promotial ones they themselves made at the time the videos were released.
To answer your technical question, you'll need a video capture card and the correct software to do it. You'll also need a webspace to store the clpis in that allows for massive bandwidth transfer. Clips eat bandwidth like a 2nd grade class eats a birthday cake.
Myriads