Does anyone know if it is possible to record a program that is being broadcast live on the internet and if so how ? Thanks.

There is a couple choices for free and others to purchase

Here are some links to look through

How to capture, save, record or download streaming audio for free

Record Streaming Audio - Software Tools to Record Internet Radio and Streaming Audio - Freeware, Free Trials, Shareware

Streaming media recording: Wanna find easy to use yet powerful software to record streaming audio and video? Follow our guidelines to find the best freeware or shareware stream recorder.

There are two ways in which you can capture streaming video from the web to your PC.

One are the downloaders, softwares that offer you the option to download the video you are watching on your browser directly to your hard drive. The second are the video capture applications which allow you to select the part of the screen you want to record and grab the video from there. Tha main advantage of the video capture applications is that they can record DRM protected content.

I use a video capture app called 1AVCapture to capture streaming video and streaming audio to my PC. I like it exactly because it captures video and audio separatedely. But there are many options out there.

Here is a link to 1AVCapture:
PC Windows Software Download 1AVCapture - pc webcam recorder, video time stamp software, video capture webcam timestamp, record video webcam, capture video from your computer screen, ..

Best,
Alex