It will look like you're watching/listening to streaming content.

p.s. When you use WM Recorder in the PRO or ADA mode it just captures packets from the WMP so there is no way you can be tracked from outside. With other media stream recorders it is sometimes possible for a content provider to notice the difference, but there is nothing alarming for a network admin except the fact that you use network bandwidth and spend your working hours on things other than work.