How do I Record a LIVE video stream on a Mac?

[Jozsa]

Please help me with this, how would I record a live video stream on a Mac? I know how to do it on Youtube and other sites but for a live video stream I know it's a different process, but I don't know what that process is. Could you do it with Quicktime Pro? (which I own)

 

[BlueRevolution]

You should be able to do it with VLC, assuming it can read your stream.