I've been playing a little bit (so far) with the RealPlayer 11 beta. Some observations:
Some sort of protected audio path may have been implemented. With RealPlayer 10 one could use Skado to record the audio stream and then use Audacity to edit the stream. Now Skado doesn't "hear" the audio. (The apps are being run on Windows XP, SP2).
The player records streaming audio a la Internet radio as an ".ivr" file and not as an MP3 file, which would enable portability. Some sites say that .ivr is an audio file type related to Interactive Voice Response applications. Others have it as an image file type, which is consistent with Real's characterization of the file. There doesn't seem to be a way to control the file type for recorded streaming audio.
Also, the test video clips I recorded from YouTube were stored as Flash Video with file extensions ".flv". The recoding function is well integrated with Firefox 2. Mousing over the video brings up a Real icon and record option. If declined, a right click on the video brings up the "record" option again but in a menu list. Seems to work well.