Run MP3MyMP3 --- a program that captures streaming audio from your computer's sound card (see "Resources").
Click on the "Device" button on the lower left-hand side of the program's graphic interface, and select the device --- usually a sound card --- that you want to use for audio input.
Click on the "Input" button, and designate "Wav Out Mix" as sound input.
Click on the "Options" toolbar button at the top of the program's graphic interface. A dialogue box opens with configurable options.
Click on the "Save Files as..." button and select MP3.
Configure other options as desired, especially where to save the file so it can be located easily.
Begin listening to streaming audio, such as Internet radio or a podcast.
Click on the "Record" button.
Click the "Stop" button when finished recording. The saved MP3 file will be in the folder you designated.
Install both Winamp and the Stream Ripper Winamp plugin (see "Resources"). When Winamp is running, a Stream Ripper icon appears in the task bar.
Double click on the Stream Ripper icon in the task bar.
Click on the "Options" button on the Stream Ripper window, then click on the "File" tab.
Browse for the folder where you wish to save the converted MP3 file and set it as the output directory.
Click on the "SHOUTcast Radio" link in Winamp's media library and tune in to an Internet radio station.
Click on the "Start" button in the Stream Ripper window. This begins the step of recording the audio stream.
Click the "Stop" button when you have finished recording. The converted MP3 file is located in the folder you designated as the output directory.
Run Audacity and select "Wave Out" from the list box located on the upper right-hand side of the screen (see "Resources").
Go to Edit > Preferences to configure the playback and recording devices. Select your sound card.
Begin playing streaming audio from a CD, the Internet or a video.
Click the "Record" button in Audacity to begin capturing the audio stream.
Click the "Stop" button when finished.
Go to File on the tool bar and select "Export to MP3...."
Browse for a folder in which to save your MP3 file, and give the file a name. You may also fill in ID3 tags information before saving the file.