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I have only been able to find software available to do this for the PC. So, I have been running Virtual PC on my Mac to capture Real Audio streams and then convert RealAudio to Wav using Ra2Wav(shareware). I then use SoundEdit 16 to convert .wav files to .aiff.
If there is an easier way to do this, and for the Mac, I would be interested to know myself.
The registered version allows for saving RealAudio to AIFF. From there you can either burns the AIFFs directly (recommended) or convert to mp3 using another program.