WM Recorder can record from Windows Media Player and Real Player. The problem is that at the present time it doesn't seem to be able to find localhost URLs (127.0.0.1).
Try to find a URL like
Code:
http://127.0.0.1:8080/pplive#######.asf
with freeware
URL Snooper and then record with
WM Recorder in the URL mode. Don't close PPLive when recording with WM Recorder.