Yes, but not without some hardware. You will need a video capture card to capture the analog video signal from your camcorder. Make sure you get one that can capture in full NTSC resolution (720x480); should be $100 or less for a PCI card, more for an external FireWire device.
Capture the video, and then use your video editing software to capture whatever stills you like. You'll need to deinterlace the resulting pictures (using Photoshop or Paint Shop Pro) if your capture software doesn't do that already, or you'll have horizontal lines that looks like two frames interlaced together, with blur anywhere there is movement.
I use either Avid Xpress or Sony Vegas to edit, but WinXP has a decent video editor called Windows Movie Maker (make sure you get the 2.0 version from Windows Update) that's free. Not positive that it will capture stills, though.