TotalRecorder is AWESOME. It will pull sound from any application you're running or from the Line In/Mic jacks of your sound card, stop recording when the sound level drops to 0% (long pauses, end of an album, etc.), allow you to trim the clipped sound down to whatever portion you want, and save it directly to a .wav or .mp3 file.
It's the only elegant solution I've found for capturing ShoutCast streams, and it's cheap to register.
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