Yes, you can. As long as the TV show you recorded is not copy-protected. You can watch it in Windows Media Player 11 on your MCE system or take it to a different PC and watch it later. Just make sure your other PC has a MPEG-2 decoder such as Purevideo Decoder or other DVD playback software.
The TV shows are recorded in a MPEG-2 format (also known as DVR-MS file which contain metadata about the recorded show to be stored) and is typically found in the following directory:
C:\Documents and Settings\All Users\Documents\Recorded TV