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That's the whole idea. There are any number of these things, some of them made to drive projectors, others just plain deinterlacers, which take a composite, S, or component NTSC/480i input [typically] and output component 480p [typically -- though there are other output formats, anything from 720p to 960i or 1080i, and some are selectable], in YUV and/or RGB, RGBHV, VGA. Remember that composite or S connections are incapable of handling anything other than a plain NTSC signal.
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