There is. It's a bit of a workaround and not as convenient as it could be but it works well.
First, go to Ambrosia Software and get yourself a free copy of
WireTap
This will allow you to record any streaming audio to your drive as an AIFF file. Launch the application, then launch the program you want to listen to in Real player. Press record on WireTap and capturing will commence. Then use iTunes to convert the captured file into AAC or mp3 format.
I have got a collection of BBC programs on my own iPod that I've recorded that way.