Software requirement: HiDownload Platinum

First, you must know the iTunes radio MP3 streams address(URL), then download/rip/record the MP3 streams, save mp3 files to PC.

Step-by-step:

Step 1: download and Install iTunes from www.apple.com

Step 2: download and Install HiDownload Platinum

Step 3: Run HiDownload Platinum, click the <Yes> button when the "start sniffer" window is shown.

Step 4: Run iTunes and select the "Library -> radio", and click the radio which you want to listen or record.

Step 5: iTunes start to connect server, wait a second, you will find the URL in sniffer list, see the picture below.

Step 6: HiDownload Platinum download automatically the radio's URL, or you can click mouse right-button on the URL, and select "Download selected URLs" menu, and HiDownload Platinum start to download the itunes radio.

HiDownload Platinum download the mp3 stream of itunes radio, save them to separate files.