Yes, you will be able to hook this TV up to your DVD player. However, I am not a fan of RCA and their picture quality is just God awful. I looked over Sears.com for some TVs that I think are better and around the same price range.
The first I want to recommend is the LG 49" 1080p LED (49LF5400) It's on sale for $447.99 on Sears.com. It may be a little more, but it is slightly bigger and has a great picture. If it's still a little to much, the 43" (43LF5400) is on sale for $347. There's also a 43" LG 1080p Smart TV (43LF5900) for $427. So if you have WiFi or internet at home you can stream and watch movies and TV shows from your TV.
If you aren't a fan of LG, Samsung also has some TVs on sale as well. Like the 48" Samsung 1080p (UN48J5000) for only $427 or $477 for the Smart version of it (UN48J5200) both of those TVs also have a great picture, slightly bigger than the RCA you listed and have a much better built quality.
You are welcome to buy any TV you want, I just don't want to see you waste money on a TV I know isn't good.