To tell you the truth I've never used TimeTrax. And I've never seen song splitting and tagging among its feature. If I'm wrong, please tell me about it.

Replay AV can record from XM Radio. And you can schedule your recordings with it. Its built-in Replay Media Guide has a listing of all XM Radio channels. But it doesn't support song splitting and tagging (this feature only works with Shoutcast compatible radio stations).

Replay Music is a direct sound recording software that can split and tag songs. It is very good, but of course this technology can't guarantee a 100% efficiency in splitting and tagging. If you really need your tunes to be separated, named and tag then Replay Music is a good choice.

If you need a software like Audio Hijack, then you can find lots of direct sound recording software for Windows. You can also record from your sound card with a freeware sound editor Audacity.