DaveE,
I've recorded several concerts from radio to CD, it's quite easy once you get used to it.
You're spot on about a 74 minute tape segment being a 74 minute wav and thus a 74 minute CD.
CD audio rate is 44100Hz, 16bit stereo. Any decent audio software will support this (Goldware, CoolEdit etc).
You'll obviously need plenty of drive space - the datarate is around 172Kb/s, so an hour of audio is going to be about 605Mb (i.e. approx 2.4Gb for a 4 hour program).
Ok... now do this:
1. Set your audio software up to record and let it sample the entire program - you'll get a complete copy at CD (well, FM) quality on your hard drive. Obviously you can do this from a pre-recorded tape, or straight from your FM source for even better quality.
2. Cut the program into 74 (or 80) minute segments and save as several .wav files. Note that you can use most recording software to add fade in/out at the start/end of each CD.
3. Use any decent CDR software to burn each .wav file AS AN AUDIO CD. Remember not to burn it as a data CD or you'll end up with an ISO format disk with a wav file on it.
Stilldog makes a good point about mp3'ing the program. At 160Kbit/s (a decent MP3 rate) you should easily get the 4:1 compression you'd need to fit the whole concert on one CD. Remember that you'd have to burn that as an ISO data CD and you could only play it on a PC or a CD player that understands MP3 files. WARNING: some CDR software can use MP3's to make audio CDs (decompressing the MP3 and writing the audio data on the fly). Obviously if you did this then it would try to write a 4 hour audio CD... i.e it ain't gonna work.
A couple of final thoughts:
1. Make sure you get your line-in levels right (I've set them too high once and ended up with distortion on the loud bits).
2. If you're low on drive space you could record using 32000Hz, or even 22050Hz. The quality is not as good (though probably OK for FM sources) and many CDR programs can handle audio files that aren't 44100Hz (they resample them to create a CD image).
3. Some CDR software allows you to use a single audio file and set track markers - e.g. with CDRWin you can create a CUE file, setting the start times of each track within a program. The end result in a seamless live set that allows you to skip to each track (just like a commercial live CD).
4. When you start a recording, some software (like CoolEdit) asks you how long your recording will be, and creates a file ready to store the data. This takes a while but is a good idea. Software like Goldwave seems to try and find disk space as you record, and if you end up with some disk thrashing the recording process can suffer (you get 'jumps' as it stops recording for short periods).
Hope that helps...
Sploo.
PS Unless you're a serious audio buff then any reasonable sound card will be fine. Also, you wouldn't need a top of the line CD burner as writing audio data is pretty simple for most burners.