Saving Streaming Audio

Is there a way I can record streaming audio files? For example, a file is saved as a .ram, and I want to be able to listen to it without the player connecting to the internet. Can I do that?

Nope can't save ram files on macs but there is a program on PC's that can do it.

you can use an app like wiretap or audiohijack. I recommend the latter, open realplayer after hijacking the app, as soon as you hit record, realplayer will start playing, your output is an mp3 or a few other formats you can choose from.