Thanks to Roychayen for the Hit 96.7. It is a live malayalam music radio ideal for away-from-home mallus like me. The quality is wow and is 24 x 7. Now I like to play these audio from my car and other places where there is no Internet (as of today !!).
Way to go would be to record this live stream as MP3 or Ogg and cut onto CD / DVD. Live streams are typically of formats friendly with iTunes, QuickTime, VLC, Windows Media Player and so on. But none of these allow recording. One yucky way would be to loopback Audio Out to Mic In and record using Audacity; that is the hardware way;
The software (and ideal) way is to use SoundFlower which installs a 2ch and a 16ch audio in and out ports. Set System Preferences to use either of SoundFlower ports as default output and use Audacity (with Recording source as SoundFlower port selected above) to record the stream and may be after 3-4 hours stop recording and export the recoding as MP3 or Ogg from Audacity.
Same procedure could be followed to record from Skype or any audio source and publish it as Podcast.