OK, basically what I am looking for here are some come comedy series on DVD that have either ended or has had some longer runs like at least 5 years. I just watched That 70's Show from season 1-8 and really enjoyed it (although it did lose some steam in season 8). I am now looking for other comedy series to watch.

I have seen all of Friends, Will & Grace, News Radio, That 70's Show, and have generally enjoyed them all.

Home Improvement/Three's Company type shows I don't really care for...

I would prefer that they were something recent.

Thanks in advance!!

Of course, Arrested Development and The Office (UK) if you haven't seen them.
Everybody Loves Raymond would be a great one if you haven't seen much of it, too.
Freaks and Geeks isn't necessarily billed a comedy, but you'd surely enjoy it.

If you haven't seen it yet, I can't recommend Arrested Development highly enough. It only ran for about 2 1/2 seasons, but it's easily the best sitcom I've ever seen (and I'm not exaggerating). If you end up enjoying the style, I'd also recommend 30 Rock and the US version of The Office.

Since you didn't mention it, I'll also throw Seinfeld out there, though the first 2 seasons are skippable, IMO. The last 2 seasons start losing some steam as well, but there's still plenty of great episodes in them.

Scrubs is also great, but around season 5, it starts getting really hit-or-miss. Season 6 still had some decent stuff, but season 7 was awful.

Curb Your Enthusiasm
Entourage
Weeds

Ill give another vote for Arrested Development, by far one of the greatest comedies ever. You can find the seasons on sale cheap at target usually and sometimes best buy.

Ill give a vote for The Office US as well. Are you into animated comedies at all?

I don't really do traditional sitcoms on DVD. Scrubs, seasons 1-4 at least, are the closest I've come.

If you like animation Simpsons, Futurama, Family Guy and my personal favorite Home Movies.

Mr. Show, a great live sketch/video comedy show.

*Home Movies and Mr. Show only have 4 seasons, and in Mr. Show's case that's only 30 eps.

It's Always Sunny in Philadelphia
Flight of the Conchords
Significant Others

It's Always Sunny in Philadelphia. By far the funniest show on TV since Arrested Development (which would be my highest recomendation).

But, I find peeing blood to be more funny than Friends or Will & Grace, so our tastes may differ. (I love Newsradio though).

Also worth trying is Sportsnight, Scrubs (although I got bored with it), Flight of the Conchords, Californication. No other comedies on TV now worth watching IMO.

Coupling.

Having just watched it again on DVD I also highly recommend Arrested Development.

Also, Frasier is really good.

There's already some great suggestions here so I'll just echo some of them:

Arrested Development: #1, hands down even though it doesn't fit your 5 year criteria

Sports Night: Even though I'd put AD above it I have watched my DVD set more than any other show.

Curb Your Enthusiasm: Seinfeld ratcheted up to the next level.

Entourage: I had no idea what to expect from this show, but each season I picked up got watched in 1-2 sittings.

Scrubs: Excellent underrated show. Works well enough on DVD but I can see it getting old if you run through multiple seasons in a row.

Cheers: It's not recent, but outside the clothes and guest stars, the show is timeless. Plus the show is ending its run on DVD in January.

Definitely add me to the list of Arrested Development fans. I don't watch live TV, and haven't really watched sitcoms in years, but I picked this one up on DVD as a blind buy and it was great.
I really liked Undeclared as well, from the makers of Freaks and Geeks, but much lighter and funnier (as in, it was going for humor, not a "dramedy").
I watched Titus on DVD as well, and although it was greatly dysfunctional, it made me laugh. S1 and 2 were better than S3 though, imho, except the final episode (on DVD at least) was very powerful.

30 Rock
Arrested Development
Curb Your Enthusiasm
Entourage
Extras
Freaks And Geeks
How I Met Your Mother
It's Always Sunny In Philadelphia
The Job
The Office (UK)
The Office (US)
Seinfeld
Spaced
Sports Night
Undeclared

the office (us Version) (favorite show of all time)
Scrubs

(these two shows are fantastic, just so sad they didnt last longer, but WORTH seeing..

Freaks and Geeks
Undeclarded

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Corner Gas - very funny sit com from Canada. Seasons 1-5 are out on DVD, but you'll have to import them. I got them all through Amazon Marketplace.

Arrested Development
The Office (US)
30 Rock
It's Always Sunny In Philadelphia
How I Met Your Mother
The Simpsons
Family Guy
Futurama
Entourage
Seinfeld
King of Queens

Be warned that many of the shows being recommended -- Arrested Development, the Office, It's Always Sunny in Philadelphia -- are not traditional sitcoms, so you may not like them. Then again, you said you like Friends but not Home Imporvement and Will & Grace but not Three's Company, so I'm not sure what your tastes are.

Anyway, in terms of recent traditional sitcoms, I would recommend Two and a Half Men, How I Met Your Mother, and Frasier. If I'm reading you wrong and you're willing to go a little more untraditional -- something that's more of a character-based comedy than a situation-based comedy -- then I will be another voice in favor of Arrested Development, which is easily the funniest show of the last decade. Scrubs is also great, and is somewhere between a traditional sitcom and something like Arrested Development.

Yes.

We have a winner!

I love how these threads turn into every blowing Arrested Development. I love the show like every one else but it doesn't really fit into what the OP is asking.

Here are some shows that went on for 5+ years that fit into the That 70's Show, Friends and Will & Grace type of sitcom...

King of Queens
Everybody Loves Raymond- I hate it but its apparently well liked
Two and a Half Men -Surprisingly raunchy humor for network TV, if you're into that kind of stuff.
Scrubs - Still going on but its in its last season.
Married with Children- Maybe a little older than what you're looking for but one of the best sitcoms ever.

Not much of a sitcom guy anymore, but I enjoy these shows:

Sports Night
Entourage
30 Rock
Knowing Me, Knowing You with Alan Partridge
I'm Alan Partridge

Wow - did he not say FIVE seasons as a requirement? Most of what has been suggested so far hasn't had five seasons or is still on.

Absolutely Fabulous fits the bill nicely.

Honestly, I can't think of anything else that genuinely fits your parameters. Maybe Sex and the City or Kids In The Hall if you like sketch comedy?

Malcom in the Middle

He said 'either ended' or is 5-years running.