There is always confusion about it, because the terms are widely misused.

Rip usually means downloading, i.e. you getting the exact copy of the stream (no quality loss).

I prefer to use capture to describe the process of capturing packets from a streaming player. It is different from download, but you also get no quality loss.
Capture can also mean downloading or recording from your sound card.

Record and save can mean anything from downloading to capturing packets and recording from sound card.


Bottom line:
You can be sure what downloading and recording from sound card means; the rest is always confusing.