The 522 has two tuners. If the tuner is in use to record a program, it cannot be used to view another 'live' program. So the short answer to your question is no, you cannot simultaneously record a program and be watching two 'live' programs at the same time (unless of course you are watching the 'live' program as it is being recorded, which kind of defeats the purpose).
Look at the 522 as having two separate outputs and that each of these outputs has two sources of programming, either a 'live' channel using the tuner or a recorded program from the hard drive. You can figure out the multiple setups yourself. Hope that answers your question.