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OK so,

1. First run the component cable from your 360 to your PVR IN like normal.

2. Run the Component Out to the IN socket of the Component To HDMI Converter.

If you google Component > HDMI Converters you should be able to find some for around the £30 mark component to hdmi converter - Google Product Search

3. OK now from the Component>HDMI Converter run a cable from the HDMI Out into ether your monitor's HDMI IN or through a cheap but VERY useful DVI to HDMI Adapter, these things are about £1.50 and open up a ton of options to you. (Just make sure you buy the correct type of DVI Adapter for your monitor)

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Note: For best playback while recording i.e Xbox 360 set resolution to 720p

Optional Equiptment
OK so for me and the other techy loving people out there dont ya just find that you can never have enough stuff with flashing lights and inputs.
I also bought a HDMI and Component Switch

Component Switch
This will give you more Inputs that all run through the switch so rather that having to put wires in and out of your HD PRV you just click the switch and the PVR will automaticaly start recording the new device source

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HDMI Switch
Then from the other end I Have a HDMI switch so I can plug multiple HDMI devices into and switch to display on my monitor (PC Graphics Card, HD PVR etc).
Something to note here is that as this is placed on the opposite side of the PVR anything connected to this side will not be able to be recorded.

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VGA ?
OK so for the people that don't have the technology to convert to DVI or HDMI then another great way and more accessable to everyone is to go from Component to VGA.
Now this is exactly the same setup as before only instead of using the Component to HDMI Converter
your going to need One of these...

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This is a Component to VGA Converter and it works exactly the same as the Component to HDMI Converter only via VGA and should solve your problem

Credit to bittermace
Posted By Star