TheLastRipper (freeware) can save Last.fm streams to mp3's, while downloading album cover, appending ID3v2 tags and organizing you music after Artist/Album/Track. TheLastRipper will also help you generate playlists from the data available from you Last.fm account.

Features

• Recording Last.fm streams to mp3's
• Appends ID3v2 tags
• Organize your music in directories: Artist/Album/Track/
• Downloads cover art
• Generates playlist in M3U, SMIL, PLS
• Improved clipping of songs
• International characters
• Support for http proxies
• General exception handling dialog
• MP3Tunes integration, automatically backup tracks at mp3tunes.

TheLastRipper requires a Last.fm login, if you do not have an account, you can register for free at Last.Fm

Downloads:
TheLastRipper binaries
TheLastRipper source code