Can you record streams?

Ok, there is a radio station in Nashville I like to listen to. They recently started a live stream of their broadcasts. Is there a way to record this so I can listen to it later (without commercials)? Better yet, is there a way to make my computer into a sort of Tivo device that records a certain time every day? I am using a cable connection, if that helps.

I use it to record This American Life and Fresh Air shows to listen to on my iPod. It works with live streams as well, and it has a timed recording feature. (That may only be on the professional version; check out the differences before deciding which one to buy.)

Great app.

Perfect! Thanks!