Recording Streaming Music

I'm a total newbie to this idea, but it seems like it should be popular if the sound quality is adequate. What is the preferred method and equipment to do this at a reasonable cost?
I use Total Recorder software but this requires that the streaming be through a computer as opposed, for example, through Squeezebox.
Sometimes you can capture the stream directly. With one site, all I have to do is open the page in IE, then click on properties in the Windows Media player box. Find the address and save it to the clipboard. Open that address in Firefox, which then opens Winamp on the stream. Find the stream address in Winamp, copy that to the clipboard. Finally, use a command-line player called mplayer like so:

mplayer -dumpstream "the address from Winamp" -dumpfile filename.wma
Mplayer receives the stream and saves it to filename.wma
Nothing to it. :)
I use Xitel's Inport, which connects to my computer's usb from my stereo and records files to my hard drive as 44.1kHz, 16 bit stereo WAV files. Inport can be had for around $70, and comes with great software that allows you to edit where tracks start and stop. So I basically just play the music off my pc through my airport express (often using the program Airfoil) and record it at the same time through Inport.