WM Recorder can record Windows Media, Real Audio/Video, QuickTime and Flash video streams. You may read about its Real time recording mode in its User guide. You may also read about it in our FAQ:
Recording/downloading/capturing/saving flash .flv streaming media with WM Recorder

The above mentioned FAQ is about saving flash video stream (like the ones that you may find at YouTube or Google Video) , but the process of recording is absolutely the same here. The only difference is that we play .wmv windows media video stream here instead of .flv flash video stream.