StationRipper is an Open Source tool which facilitates live capture and recording of internet radio streams. Currently, the only stream type supported is Nullsoft's Shoutcast, but that is expected to improve with time.
So what's the point? First, note that unlike peer-to-peer file sharing, internet radio recording is explicitly legal. Nobody's going to sue you for ripping a stream. Second, StationRipper makes creating an organized music library very simple by making good use of the metadata in the Shoutcast stream.
Website:
http://www.ratajik.com/StationRipper/