Yes, you can use a composite or component (or hdmi) spliter.
The higher end ones ($200+, Black Magic and Happauge) have built-in spliters (that are lagless), and even though I like BM much more than Happ, a downside is that the splitter only works well the card is on, so you have to plug/unplug it when not recording/streaming, where with an external splitter it's always on.
When purchasing a splitter do be aware of it's bandwidth, for composite it doesn't matter too much, but for component you don't want to buy anything with less than 100hz, or else you'll get white-crush on modern consoles/stbs/etc
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