Last.fm, Pandora, Yahoo! Music, iTunes Radio..  there are so many good places where you can listen to streaming music online. Or visit any video sharing website like Google Video or YouTube and you may get to see the latest music videos from Bollywood movies, trailers and more.

Ever wanted to record this music from the Internet? Copyright issues apart, it’s very much possible to download any music from the web to your hard-drive as an MP3 file that you can later transfer to your iPod or burn an audio CD and listen to the music in your car.

And did I say that all this won’t cost a penny – we’ll do it using completely free software (free as in beer).

To download music videos from YouTube or Google Video as MP3 files, we’ll use a free service called Online FLV converter available at vixy.net.

Just supply the address of the YouTube video and this site will instantly extract the audio portion of that video that you can later download to your hard-drive as an MP3 file.

To record streaming music from internet radio stations, first install Audacity – an open-source sound editing software available for Windows, Mac and Linux. (audacity.sourceforge.net)

Run Audacity and choose View -> Float Mixer Toolbar. In the drop-down menu on Audacity’s mixer toolbar, choose “Wave Out” or “Stereo Mix” as the input source.

Now open any radio station or music website in your web browser and hit the play button. Switch to Audacity and click the red Record button to start recording. When the song ends, hit the Space Bar to stop recording. Repeat the cycle until you have recorded all your favorite music.

The final step is to export this music as MP3. Goto File->Export Multiple and choose MP3 format.

You don’t have to be a geek to download internet music.