TubeMaster++ is a very handy and smooth software for grabbing streaming videos and music.
Is not a memory hog and it will sure grab nearly every kind of online media.
You can save files, play them back or convert them. What formats can you convert into? A better question would be what formats can’t you convert into. You can convert audio formats into WAV, MP3, OGG, and AC3, among others. Video can be converted into dozens of formats and presets for mobile devices including the Creative Zen, iPod, Blackberry, PSP and PS3, various mobile phone sizes, and more universal formats like AVI and MPEG4.
TubeMaster++ is freeware, Windows only, and requires Java Runtime Environment and WinPcap (both of which are included in the installation if you don’t have them.)