is it possible to record a live streams? if so would it be possible to save it as a regular video file and either save it on a hard drive, memory stick or burn it to a cd?
There is no (esay) generic way. It depends on particular video player being used. It also could be illegal / against the rules of the sender.
For audio - it's easier, with traditional "analogue" methods as a last resort.
what video player would allow it and on what devices? i don't think its illegal if its for personal use only, it was done with vcrs in the past i'm sure it can be done with computers