RESPONSE TIME:
It may be 8ms, but that's only going to affect how much "ghosting" you get with moving objects (and there are also other factors that affect this as well).
INPUT LAG:
This is what determines how much "lag" you feel between doing something and seeing it update on the screen. Some HDTV's are over 40ms and by the time you add that to the other delays it can make a noticeable difference versus a good gaming monitor that might be 10ms.
*I couldn't find the lag rating. You could just try it and see how it feels. It's mostly going to matter for fast-paced games like shooters.
**Use it?
Not recommended...
I was going to delve further but then came across this:
http://www.tomsguide.com/us/insignia-32d311na15-32-inch-tv,review-2472.html
Aside from the apparently crappy quality and what appears to be possibly high input lag or similar issue ("inability to keep up with fast motion was instantly detectable") it's also only a 1366x768 resolution screen. That's going to be a big problem with a 32" screen if using as a computer monitor.
You can go ahead and try it. If on a budget, maybe you'll find it acceptable for your usage.