Capture Online radio / Streaming music

Hello friends,
First of all.. A very Happy new year 2011 to all of you!!
Let me start my first of this year with a musical one.. :-)

To start off.. How many time have we been hearing songs on internet radio and thought "Alas If I could save it and play coz the song was too good and hard to find.."
Well, similar feeling used to occur to my mind . For me it was too boring activity to go to different sites and select and download songs..
So, a little bit of googling and I came out with this tutorial..
Here, I will show how you can record music from online radios and save as MP3 in your computer for later playback.

First of all you will need an application called "Audacity". It is a free application and can be download from here  Download Audacity

After you download and install Audacity, follow following steps,

1. In the drop-down menu on Audacity's mixer toolbar, choose “Wave Out” or “Stereo Mix” as the input source. (The exact name may be different, depending on your computer's sound drivers.) When you press the Record button, Audacity will capture whatever sound is playing on your computer's speakers. Note: on Windows Vista or 7, you must choose the required input source in the "Recording Device" dropdown in the "Audio I/O" tab of Preferences ("Devices" tab in Audacity Beta). On Windows, if you don't have a “Wave Out” or “Stereo Mix” option, or if it won't record, go to the system Control Panel and try to enable this option there. For instructions see:Using the Control Panelon the Wiki.
2. Then play your favorite internet station.
3. Press the record button on Audacity and let it record those songs for you.
4. When you are done, press stop button and save the music and Enjoy!! 

Note: Do not enable "software playthrough" when recording computer playback, because this creates a series of echoes.

Hope this comes to some good help to you.. :-)
Cheers!!!