I can't say anything about premium streams (would be cool to investigate it, but it won't pay
), but for free one the call
Code:
rtmpdump -v -r "rtmpe://edge3.reallifecam.com/liveedge" -y "cam07_1.stream?key=4bf0cSexpire=1368410754Ssign=3b1a0d2faa9ccb377bf72d7611024b33" -o recording.flv -T "#Loi8iJu"
worked for me. It seems, that you used the wrong app name.