BBC iPlayer + iTunes

1. copy the url to the radio station you want
2. open the url in VLC, let it start playing
3. save the playlist as m3u
4. open the playlist in QuickTime 7 Pro, let it start playing
5. in QuickTime 7 Pro, save the stream as .mov
6. open the .mov in iTunes and play it

Even though it lists about 10 minutes in iTunes, it will play the live stream for hours.