Many people believe that recording TV, Radio programs for viewing/listening at a later stage is legal as long as it is for personal use... However, there are various interpretations of the law. In the US, the link *www.kurthanson.com/archive/news/111704/index.asp argues that while it is legal to record a program for future viewing, once you have viewed the program, you are legally bound to delete it.
I think that in the same context, recording internet radio will not be legal...
Basically, the music industry will argue that it is illegal and recording should be deleted after listening to it once. You can record it for hearing it later but may not keep a copy of it. Software company manufacturing the
recording software will argue that it is legal as long as you use it for personal purpose only...
This is a grey area, but I am personally inclined to side with the music industry because their argument seems more reasonable...
Arun