No, by its very name it is a Pay Per VIEW. You are paying to view the program once (unless it's an "All Day Ticket", just as a ticket to a movie theater entitles you to only view the movie once.
Also, there is no guarantee that any programming stored on a hard drive is permanent. What if the hard drive crashes?
Even DVDs and videotapes are covered by copyright laws. Let me quote the disclaimer printed on one DVD I just grabbed from my collection:
So, to answer your last question, no, you should not be able to "unpay" for a PPV once you have viewed it. Let's turn it around... should your employer be able to "unpay" you for your work if, due to circumstances beyond your control, your work is lost or destroyed in some way?