16:9 to 4:3?

With recording with HD, It only allows 16:9 with my Sony HDR-HC3. Where I would like to view my videos on 4:3 SD TV. Is there a way where I can convert the 16:9 video to 4:3 without having the letterboxes? Chopping off the side of the video is something im willing to risk. Can this be done in Videostudio? If not, What program? I'm currently using VS10 if that would help.

Thanks.