Internet TV channel at MeeVee (See http://www.meevee.com/internetTV/internetTV.aspx ) I opened was in Windows Media format. MeeVee requires Windows Media Player, so other streams should also be in Windows Media format. Many media stream recorders can record it. My favorite one is WM Recorder.

WM Recorder + Replay Media Catcher can cover almost all stream formats that can be recorded. You may use them for free to find stream URLs. After finding stream URL you know what format and protocol is used and can download with a streaming media recorder you like.