If you want to save a local copy of Real Audio stream, you might try ram2ogg which is available here
It's just a little wrapper script which uses xine to fetch the media and the ogg command-line tools to convert the format, but I find it useful nonetheless. Of course, you have to get wine working with real audio files first, which can be a trick, and it doesn't play all codecs. It works for stuff from the BBC Radio website.
Apart from getting xine working in the first place, the drawbacks are that it doesn't save track meta-data, and that it downloads at the same rate which the stream plays. However, I have found it works quite OK with multiple instances in parallel over my 2 Mbit DSL, which is nice.