I've tried
Replay Media Catcher,
Jaksta and
Shoutcast stream rippers like iRadio, RadioTracker, RipCast, MP3 VCR, but I was able to download/capture the whole stream only without any song splitting and tagging.
The best software I can suggest to record music from live365 is
Replay Music. Although it record sound produced by your sound card, it can split and tag songs.