Yes you can now capture a Live Internet audio stream..

I polled a couple of colleagues for help with this question and
here's what I found out... One of my friends says that TotalRecorder
will capture anything that plays to your speakers in Windows. There's

pmj...

Yep.
But all that does is to simply Save/Record the Audio that's being
played.
It does that in Real Time (i.e. an Hour long Programme takes an Hour
to Save/Record.

StreamBox *Downloads* the Stream at whatever Download Speed your
Internet Conenction (& the Server) can handle.
You can (on a 4 mbps Connection) Download & Save an Hour long Programme
in less than a Minute!
:-)

also a utility floating around call ASFRecorder that will grab
Microsoft audio streams straight off the net (violating the stream-only

pmj...

Yep.
That's a bit more like the way things like StreamBox VCR work.
StreamBox can also handle (some) M$ ASF Streams as well)

rule, I think). I think it violates (and predates) the DMCA, so it may
be hard to find. (Hint: I've got it around here somewhere.) Comes with

pmj...

Yep.

source code.

more details at

pmj...

Yep, there's plenty of Information around on all that sort of stuff
& the Utilities are available) if you look for it.