For live streams I use Radio Lover, what goes in, comes out, unless you want to change format.....nothing to it really, great for capturing obscure web radio streams and has a some really slick features such as scheduling, auto tag and split tracks on the fly into folders etc.....Which I then burn to disc, transfer to iPOD etc...you can easily record over 10 high-quality 128kbps streams at the same time.
* Record MP3 Internet radio streams as individual MP3 songs
* Songs are automatically tagged with artist, album, radio station and track number
* Schedule recordings of your favourite shows
* Record multiple streams at the same time
* Split recordings by song, time, or size
* Import from iTunes Radio Tuner
* Drag and drop MP3 stations from iTunes and the Web (typically these are links that end with .pls)
* International language streams supported
* Supports thousands of Shoutcast compatible and M3U/EXTM3U style radio streams found on popular sites and in iTunes Radio Tuner
* Wake computer from sleep for scheduled recordings
* Assign custom recording styles for each stream
Audio HiJack Pro is also well cool and does exactly what it says on the website, as REL said above...AIFF is NOT compressed dude !