I could tell you wha to do, since I do this all the time. Not sure with a PC, but I'm sure there are a zillion programs that can record streaming audio then convert them into MP3 or other formats. I do it with WireTapPro and/or Audio HiJack on my Mac. They record anything the computer plays and they convert the audio into any audio format I want. Being on a Mac, I save the stream in MP3 then I use iTunes to import the stream then it talks to my MP3 player and outputs to it. I know you can download iTunes for a PC, but maybe if you do a Google for Audio HiJack or WireTapPro, maybe their makers have something similar for a PC.
Here is what I wanna do: record while it's playing on my computer (real media or wmv) an internet stream.
What do I need to do it?
If not possible while it's playing: ny other alternatives to get the stream on my PVP?