Easy to use Windows freeware PCWin Speaker Record is a replacement for the Windows’ default Sound Recorder program.
Just select what file type your want to save, hit the Start Recording button, then everything from speakers will be recorded. Press the Stop Recording button, then choose a path to save your work, done.
It’s can be used to record internet radio stations, podcast or anything is just playing. And the saved file can be played in any media player you prefer.

Download: PCWin Speaker Record
OS: Windows
Required: MPEG Layer 3 Audio Encoder