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Need to know a couple things first.
1. Is it Video + Audio or just Audio?
2. What format will the stream be...
If it's a mp3 audio stream, just get something like Audio Ripper
If it's a WMA audio or WMV video+audio stream, I recommend WM Recorder. Pretty much the best ripper out there as it can usually break through any server tricks being done to prevent ripping. Easy to use (although a couple faults with it make it a bit annoying -- usually have to plug in the URL and hit record twice to make it actually go). Not free, though.
If it's a Real stream, use RM Recorder...which comes with WM Recorder. 
If they do WMV or WMA, they might use authentication, which is becoming widely used these days with live events. Basically how it works is that when you go to the website with an embedded player, it passes along an authentication code in the URL. The authentication code usually expires after 5-10 seconds once the player starts playing.
This is done so people can't just pass around stream URLs on various boards that loads up the streams in Windows Media Player. You are basically forced to go to the page and watch the video in the embedded player. The authentication stuff usually makes it hard to rip the stream.
I work in this field (webpage stream, live webcast, etc) and it's my job to know how it all works....
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