Yes, I have recorded livestreams in the past, using a program called Replay Video Capture. But it isn't free, and it does have problems - if you try to record full screen the file is absolutely huge, and if you record the "postage stamp" usual livestream size, you have to remember not to touch the computer because it faithfully records what is on that section of the screen. No nipping onto this board for instance, or checking the live score for another match.
Okay, you have to have sorted out in Fraps where you want to save your video files, first! Else you won't see any results! Then what you do is open Fraps when the live stream is going, and minimize it but don't close it. You have to press F9 to start the recording, but you have to press F9 a second time when you want the recording to stop. Then it should automatically save the video file to the location you told it to.
I also have Replay Video Capture but as Mad said, for certain reasons I do find Fraps much easier to work with! Fraps also will record the live stream and you can open other windows and stuff, because it latches onto the video feed and it doesn't mattter what you're looking at.
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King of Slice "He's on a one-man mission to bring the slice back to tennis." Inverdale