Yes there is. Try searching www.pcworld.com and www.cnet.com for an article about it because I remember reading one (from Steve Bass's collumn on pcworld I think) where he said he was using a program which would record all the songs off the radio station he was listening to on the computer, and store them on his computer in mp3 format.
here is a great story,
and i am already regretting telling you this, cause i have a feeling someone is gonna bitch me out about this but here it goes,
Back in the good old days (2002, lol) when comcast rhapsody was free to listen to for 2 weeks, i remember using a program to record the music so i could get the songs for free. it was some program that took the signal goin to the sound card, and intercepted, and recorded it. so i do remeber something like that.