Ripping Streams Directly to mp3?

[Hart Larry]

This has been chalenging for several years.  I am useing  a script which uses 
mencoder to rip video to an avi  and audio streams to a wave.  Sure the 
finished product plays nicely, but since its in .wav formatif that wave file 
runs more than 3hours, lame will not handle it, won't even know its there.
So, in reality on May 06 I want to record the stream of Sky-News during British 
Elections, directly to an mp3.  Mp3 is the final format I keep most of my audio 
news-coverage in.  In mp3 I can record many more hours of:
mms://live2.wm.skynews.servecast.net/skynews_wmlz_audio
Can some1 please suggest a direct way of doing this without making waves.  I am 
still in FC9
Thanks so much in advance
Hart