From the developer:

Record internet radio, save to mp3 or wav.100% Spyware/Adware FREE. Record streaming audio from the internet, microphone or any other source for that matter, works directly with your system sound card sooooo... If you can HEAR IT...you can RECORD it! This program is meant to be extremely intuitive to use, with enough features to get the job done quickly and easily. Use the scan tool to list all Mp3’s and Wav, Aif, Swa or Sun Au audio files on your entire computer, can play and record portions of any of these files. Customizable colors, timer, on top mode and skinning is also included.