Free Sound Recorder is exactly that, a light, freeware program designed to record sounds coming in from any audio line, or audio being played out of your PC's speakers. While it doesn't have a radio program manager, it does feature an integrated recording scheduler function. You can record audio as MP3, OGG, WMA, or WAV, and set the recording quality. The schedule recording option allows you to schedule a single instance, a daily recording, or a weekly recording, starting and stopping at a particular time -- perfect for catching a particular radio show. Also, while not directly related to internet radio recording, you can also use FSR to rip from casette tapes and other analogue sources provided you have the right hardware to plug into your sound card.
Verdict: It doesn't play internet radio on its own, but sound recording quality is solid. You'll need a media player that can play streaming audio, and then you can set Free Sound Recorder to automatically record at a given time. A good, if not perfect, recording option.
NOTE: Free Sound Recorder will try to get you to install Relevant Knowledge, which some may consider spyware. Watch out during installation, and be sure to decline!