Sometimes I feel that it would be very convenient to have my LCD monitor double as a TV monitor to play videogames or something like that. Does anyone know of a simple cable or converter that can convert component cable (the yellow, white, and red wires) to VGA or DVI (my monitor has both inputs)? Thanks.

The computer store i work in sell these:

Grandtec Grand Game Mate
"Video to VGA converter with y.cb.cr input and y.pb.pr output"

It seems good but i haven't tried it.
So there is atleast one product that meet your needs =)