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Recording media streams on Mac OS is a real headache. One is lucky if he/she can record in real time. IMHO Mac users are doomed to use Windows with bootcamp or Parallels Desktop for Max OS X.
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, that is just bosh. What you are looking for is WireTap and WireTap Pro. The free version records in real time and the one you pay for has a timer-record feature.
As to "software for OS X that will download an archived stream as a file, rather than having to listen to the file as it streams by in real time and is recorded realtime?" I've not heard of any. Let us know if you find one!