TV/Video: Composite cables to a component device

We were given a 53" TV, the old style with a big back. It's about 10 years old and only the component (RGB-RW) inputs work. We have a lot of older gaming systems that we play in basement that all use composite cables (YRW).

Is there any way I can get my gaming systems hooked up to the component connection in the back of the TV? I know for sure I'll need a switch to hook up the four systems to and condense to a single composite connection. My problem is that I can not take that composite connection and hook it up to the TV.

Is there a DVD player that will take a composite input and output it in Component? Or a device (other than the $150-$200 converters I saw) that can take the composite and make it compatible with a component connection?

Thanks in advance for any help.

 

Here's a picture to help describe what I'm looking for.

 

http://www.radioshack.com/product/index.jsp?productId=3109731&numProdsPerPage=60

This claims to do what you need to do. I'd contact the 800 number or open the box in the store first though and try it out. You'll want to confirm that it will convert your RCA inputs (Yellow-video, Red-left speaker, White-right speaker) to what your TV will need which is component video (R-red, G-green, B-blue; all video inputs). I have a tuner that has various inputs but later found that it's just passive, meaning if you plug in RCA to one side only the RCA outputs work, if you plug in S-video only S-video output works.

This product however does look like it's what you need.

 

Thanks, but that looks like its just a component switch. All my wires going into this will be composite. I need a component output.

I was thinking of finding a older, used AV receiver that outputs Component. That'll probably be cheaper than the expensive converters i've seen.