Yes. The HD Pro allows for multiple inputs. It also has it's own built-in tv tuner. It's just a matter of what your tv source is and how you plug everything up. For instance, if you have cable tv and a cable box feeding your tv, you can plugin the Slingbox between the wall cable outlet and the cable box. Then you can run component cables from the cable box back to the slingbox. That way, you can view basic cable channels using the Slingbox tuner or you can view tv channels coming from your cable box. If your wife is watching tv using the cable box, you would view using the Slingbox tuner and could watch any of your basic cable channels .
Another option would be to get a second cable box and plug into a cable outlet in another room. You could then install your Slingbox on the second cable box.