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I was really surprised by how many configuration options there are. Mplayer also works great for audio stream. The default cache settings are way too high for audio streams, but you could set it by -cache (number).
The simplest way I found to listen to Windows Media streams is to open .asx file in an editor and then copy the "mms://....." url into a term.
Something like this:
"mplayer -cache 125 mms://wmbcast........"
According the the man page mplayer is also capable of recording and converting streams into many different formats, I haven't played with it though.