Chilirec is a web application that lets you record Internet radio stations and stores them online. You can play them online or download as MP3 file to your computer.
Currently it supports around 350 radio channels, expect this number to go up in near future, be default these channels are all selected, you can select only the ones which are interesting to you. Once you select the channel you can start recording the channel, you just need to wait for 5 min for the first recorded files to appear. You can play these in your browser or download to your computer.
One good thing about the service is you need not regsiter for an account to try out, it created a identity when you visit the site. It will work as long as you use the same computer but if you use different computer then you need to register to get access to your ripped music collection.
Recorded streams will appear in right sidebar to box, you can just drag and drop them to the player just below the box to play them. Using the left navigation you can access all your recorded songs, last played etc. You can also create playlists to organize the streams for later use.
This is the first app i have seen that lets you record internet radio stations online. Give it a spin if you want free music, but keep in mind the quality may not be good.