Totally possible, in fact this is exactly what I do.

I don't actually watch TV (weird I know)...

I have my television hooked to my computer via HDMI.

I usually use the "normal" not minimized or maximized window of a programs so that I can use more than one at a time without having to change tabs.

This works seamlessly.

So you can write lyrics on Word or Notepad while BIAB is open...

Makes it a lot easier.

Also, you can use the magnifier feature so that you can do this from across the room... HA!