im running this game on xbox 360 (backwards compatible) does anyone know a way to record gameplay on 360? or just anyway to stream my game to my PC which i can record from there? i have about $50 USD to spend if need be

Your cheapest option would be the GV-USB2 for about $30. It records composite and svideo. Component and HDMI capture cards are probably out of your price range.

am i able to record splits with that? or will i need a Elgato or something?

Use OBS to put the game capture and splits as sources.