According to the Wavosaur website:
"Wavosaur is a powerful free audio editor for Windows XP, ideal for editing audio clips, sound designing, mastering, audio mangling and recording of your digital audio sounds.
Wavosaur lets you edit all your samples and audio recording. You can cut, copy, paste parts of your digital recording. Wavosaur provides many tools and shortcuts to make the editing very fast and efficient. The program was designed to give a powerful audio editor but very easy and fast to use."
Because Wavosaur can record from your soundcard's audio input, you should be able to record streaming audio from Internet radio stations with it, depending on your hardware and computer's configuration.
Visit the Wavosaur website.

