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Depends on which computer I'm on. If I'm on the laptop, then yes, I watch tv while browsing the internet (i'm watching Diners, Drive-Ins and Dives as I type this, and the taco salad this dude just made looks awesome). If I'm on the desktop, no, because my gigantic HDTV doubles as my monitor. Playing PR when the people are almost 4 feet tall is quite cool. I do, however, multitask even while on the internet. I'm often playing PR on the desktop and browsing the forums/interwebs on the laptop during downtime.
Plus, with the advent of DVR and the ability to pause/rewind/ff TV, its not like you miss anything anyway.
My monitor used to be my TV, then I quit watching TV and got a new graphics card capable of 1920×1200 resolution and decided to give my TV a try (can only do 1440x900 but still much better than 1280x760). So as it stands I don't have a TV in my room. Someone just moved in with us and we have now have a 52" 1080p Sony Bravia TV in the living room and I still have not watched TV.
I have watched MAYBE 5 hours over the past 3-4 months of TV. I don't miss a thing from it either. Once they took away my free HD discovery and animal planet channels I quit watching TV. When I do watch TV I check CET (PBS) and CSPAN (to see how bad the politicians are messing things up) to see what they have to offer. Everything else I can get from Hulu (Scrubs, Daily show and The office us/uk).
On a side note: Fox news is horrible, do yourself (and the world) a favor and don't watch them.