As for the MSI Video Device Theater 650PRO PCI-Express x1 Interface its analog only which if your cable box is digital then it will not work. And trying to find one that is digital well that’s a needle in a hay stack right now.
The use to a HTPC is for the following, watch DVD, Blu-Ray, Gaming, Photo work, and the last is watching TV on it. but the rest is what its commonly used for.
For the cable box I would use the DVR feature on it. most new ones have this installed already.