WWE(World Wrestling Entertainment) bought WCW a few years ago and
ended the company. Currently, they only have released a few pay-per
views and specialty wrestler videos but they haven't(and I doubt they
ever will) released something like a season of WCW on DVD. This is
something I would really like to own since the company was only around
for so many years they really could release months of it at a time
like a seasons of shows are sold now. I want to know if it is legal
for somebody to sell old home-taped videos of the weekly WCW show and
possibly why or why not.

Yes, it is quite illegal.  WWE owns the rights to those shows, and can
chose to do whatever it wants with them, even if that means letting
them rot away somewhere.