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The only way to be able to record a show and watch or record something else at the same time is to have a receiver with a dual tuner. The 501 does NOT have a dual tuner so it will never happen.
However, according to Charlie, you have a "simulated" dual tuner which means that you can be recording something and watching a previously recorded show at the same time.
However, according to Charlie, you have a "simulated" dual tuner which means that you can be recording something and watching a previously recorded show at the same time.