Depends on the stream.
Total Recorder will capture whatever is playing, streaming or not. Breaking it up into logically-named segments is left as an exercise for the reader for the Standard ($11.95) edition, and may be more intuitive in the Professional edition.
I use StationRipper when capturing music from ShoutCast streams; it breaks streams up into their components, saves them where you specify, and has a free edition with reasonable features.
Audacity is very nice, but I haven't really dug into it yet to explore all that it can do.
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