There are some programs out there that allow an online audio/video stream to be recored onto your computer's hard drive so that you can watch it later. I sometimes listen to a show on an online station called KNRS. I sometimes cannot listen to a particular show when I want to so I set the recorder to record at a certain time.

www.wmrecorder.com offers a nice program to do just this. Once it is open, it will automatically identify audio streams and prompt you to start recording. Once you click stop, the .mp3 or .wav audio file will be located in the folder that it records to.

Follow up:

Go to that folder and open up the file. Listen to your favorite show and fast forward through commercials if you like.

List of online radio recording audio stream software

Here are some other programs that people like to use:

Replay Radio
Audacity
Cool Edit Pro
Blaze Media Pro
Goldwave 4.26
Audio Recorder Pro

If you want to test it out a radio stream, try www.krnrs.com click on the listen live button and then click the listen on PC button. Try the progtrams before you buy them.

First try Audacity, because it is a free recorder:

Can Audacity record RealAudio or other streaming audio?

These programs can also be used to record any audio that is being played on your computer. So if you are on a social networking website and music is playing, you can record it!

Please check with the radio streaming service to make sure that you are not violating any copyright laws or terms of use.