Looks like it will, but don't expect miracles @ $27. You will still need to add an external Hard Drive to store the recordings. Read the reviews, specially the negative ones and see whether you can live with the minuses.
I would pay special attention to quality of recording, is there a limitation on file size (how long recording can be), format of the HD supported (dictates file size and partition size, may limits you how many recordings you can store). How friendly is the interface (how easy is to access after you have accumulated hundreds of recordings). Can you RW/FF quickly (limited by the speed of the USB interface)?
A lesser side issue is, if you ever want to share the recordings or be able to edit them, then it needs to record in a standard video format and not something proprietary that only it can playback.