Hmm, I use RipCast for ripping streams. Very nice program. You can rip up to 8 streams simultaneously and if you wish it makes seperate tracks out of the ID3 info broadcasted by the station

http://www.xoteck.com/ripcast/

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I use a winamp plugin called streamripper.
Its really easy to use IMO.

http://streamripper.sourceforge.net/

i usually record analogly.....very nice if the stream's running on 192kbps and the sound in ur ear tells u that u are listening to 128kbps....first i record them with "all sound recorder", then i edit them in cool edit pro

works fine for me.

recording aside, you can split mp3s up with little programs like "mp3 splitter" and "mp3 chopper". if you're wanting to be more precise, use cool edit pro and use the Cue List to add new cue points and then batch save each file. alternatively you could use something like CDRWIN and write CD audio tracks to your HD as a cd image and chop up a big file in the process by writing a custom CUE sheet. then reencode. thats the pain in the ass way, but doesnt require cash (or warez eh-em)...

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Try Super MP3 Recorder Professional

God loads of cool features including a timer if u have to go out and record a radio show or something, i find that well handy.

Should be able to find it on download.com