You can't burn it to DVD through iTunes, and I think the DRM ties it to your machine, so I don't even think you can burn the file to disk. I don't know if a workaround has been found yet, but even if it has, the reports I've read about the resolution of the files is so low that it's a jaggy, blurry mess when blown up to TV resolution.
I downloaded a couple of Pixar shorts, and while they look great on my iPod, even blowing them up on my computer monitor produces some nasty artifacts.
I use Videora (videora.com) to convert videos to my iPod, and it handles just about any video I've thrown at it, so maybe it will work for you. But then you're probabaly talking about stripping the DRM, and that probably crosses into that grey area that the Zims don't like.
"It's the four pillars of the male heterosexual psyche. We like naked women, stockings, lesbians, and Sean Connery best as James Bond because that is what being a [man] is." -Jack Davenport, Coupling