The last time I looked at Capturing streaming audio was back on 2005-06-27. I am not the only one looking into this topic Swen’s Weblog  shows a few new techniques, but he hasn’t tried some of the tools that I am using.
I am very happy with NetTransport for the stream capture, but some of my other tools could do with an update.
Switch Sound File Conversion Software
Conversion from RA to MP3 has been an on going problem. This product does it well, and there is a freeware version! Available from NCH
[1.] How to download Real Audio streams and convert Real Audio to MP3 [Swen's Weblog]
[2.] Convert Real Audio files to MP3s [Mac OS X Hints]
[3.] Converting Real Audio to MP3 (fast) [dbpowerAmp Forum]