Ready to post your tunes to the Internet? Gadget Labs WavePRO gear gives you flexibility to create a dream studio with your PC or Mac. Whether you need 24 channels of audio & ADAT lightpipe for a large project studio or 4 channels & MIDI for a home studio, Gadget Labs WavePRO is the fastest route to recording your own MP3 hits
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see also:

MP3 Stream Recorder v2.3 - Size: 1.1 Mb - Freeware
http://www.hitsquad.com/smm/programs/Mp3_Stream_Recorder/
Record live mp3 stream from servers all over the internet