People might try this open-source program because it's free (and available for Windows, Macintosh, and Linux), but they stick with it because it's a simple audio editor that offers ample extras, such as mixing tools and audio effects. Audacity isn't just for recording streaming audio; it can record anything coming into your computer, so get an audio cable and connect your audio-out and audio-in jacks, and you're all set. You won't find niceties like automatic track splitting, but you'll get the basic job done. The site is generous with help and links to a free MP3 encoder that works with Audacity.