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First off it would require a capture device which in some cases connects via USB. However I can't find any that work with iPads, if you have a Mac or pc around you've got many choices. They all require the use of their own software (for Mac/pc) or else work with programs like iMovie (not iPad/iPhone version) or final cut.
If you want a recommendation, I have been very happy with my "blackmagic Video recorder" http://www.blackmagic-design.com/products/videorecorder/
Remember to capture VHS you will obviously need a working VHS play too.
Edit: the video recorder I recommended is Mac only I believe, but it captures video in a compressed format that is already compatible with iTunes/iPads.