After watching this video https://www.youtube.com/watch?v=LDjhf7Nomb4, it seems its possible to simply add a TV tuner card to a PC, turn it into a sort of 'VR box' for OR, and then connect the main PC, console etc. to it and play/watch any form of media including games in virtual cinema mode with Oculus rift.
This is what I've been hoping for, honestly. I would definitely invest in a set of adapters to make this happen with my 360 or various old consoles. Can you say "FFX in theatres 2014"?
In fact there is no need of a separate PC, one can install the video capture card in the same PC without any hit on resources! http://www.youtube.com/watch?v=A3OGypcvlb4
*but running the virtual cinema might hit performance.
Everyone has a laptop so an external TV tuner card is the way to go.