Record streaming radio to MP3

The latest version of NAudio added support for MP3 streams. It's a very mature audo management library for .NET that is easy to work with. You can stream the incoming buffer into most supported audio formats.

Have a look at streamripper. It seems to be doing what you're trying to achieve and is also available on windows. It also seems to be generating separate mp3s automatically using silent marks in the audio stream if you want to.

There also exists a "dead simple" frontend to streamripper, called SimpleRipper which might be just what you need.