There are many streaming video rippers that can download/capture/record/save Real video streams from Real Player:

• Orbit Downloader is a freeware download manager support Real Media/Real Video streams
• MPlayer is a player that can dump real video streams to your hard drive
• StreamboxVCR Suite 2 is not freeware, but it is distributed illegally as freeware.
• real7ime is freeware, but it is too old and too complex for being recommended

You may also take a look at other streaming video rippers. For example, WM Recorder in the PRO mode can capture packets from Real Player, so you can watch and capture/save a Real video stream without created a separate thread for downloading/recording.