If you're using VLC to listen to internet radio, you can just have VLC stream it to a file with the codek and all of your choice.

Open VLC, and go

File -> Open network stream

In the bottom where it says Customize, paste in the url of the stream. Then mark off 'Stream/save' and press Settings.

Mark off 'File', and write a filename and location of where you would like it to be recorded. Now, you CAN dump the raw input, but that's just a waste of space, so don't do that. Mark off 'Play locally' if you want to listen to the stream at the same time.
Choose OGG as the encapsulation method, mark off audo codec, choose vorb and your desired bitrate.

Now press 'Ok', then 'Ok' again at the previous screen.