LiquidCompass.net uses RTMP streams, so you can record them with the same programs that were suggested for BBC iPlayer streams, namely:

You can download RTMP streams automatically with software like Replay Media Catcher (RMC), WM Recorder and Jaksta. Jaksta even allows you to capture RTMP packets from flash player, so you can listen and record at the same time without creating two separate threads (one for listening and another one for downloading).

If you don't want to use commercial software like RMC and Jaksta, you can try freeware Orbit Downloader, CooJah + Blader, TubeMaster++ and other.

More:
FAQ: How to record/download/capture/save Adobe Flash .FLV video RTMP stream from embedded player