Streamripper is cool Open Source (GPL) application that lets you record streaming mp3 to your hard drive i.e. download online streams into audio files. It can records shoutcast and icecast compatible streams. It uses meta data within a shoutcast stream to determine the beginning and end of each song, and stores the songs on your hard disk as individual mp3 files. In addition, streamripper includes a relay server for listening to the station while you are recording.

You can use it to rip (copy) streams of the following kinds:
.mp3 Shoutcast streams – the kind of streams found on shoutcast.com.
.mp3 Icecast streams
.nvs (Nullsoft Streaming Video) streams
.aac Shoutcast/Icecast streams
.ogg streams

You need to install frontend and streamripper using apt-get:
$ sudo apt-get streamripper kstreamripper

Just type kstreamripper to start kde frontend for streamripper.
$ kstreamripper &

You can also use command line application:
$ streamripper http://somehost.dom:8095/ -r

=> streamripper project.