Forget Real Player and download Jetaudio from click here
I use jetaudio to save streamed links and have not had any problems yet.
Once it is installed it needs to be set up to read .ra .ram files. To do it open jetaudio and go to Preferences, File Type Associations, and in the right hand window select Check All, and then Update, and then OK. It will now play/record almost any file type available.