The most POPULAR stream recording software (free download):

• REPLAY CAPTURE SUITE
  the best audio/video stream recording/capturing bundle
• WM RECORDER BONUS BUNDLE
  the best video recording bundle
• REPLAY MEDIA CATCHER
  the best audio/video stream ripper. Supports the most popular flash video format (RTMP and HTTP).
• REPLAY MUSIC
  the best streaming music recorder
• WM RECORDER
  the best Windows Media, Real Audio/Video stream capture software
• JAKSTA
  the best RTMP flash video capture software

Other RECOMMENDED software and services:

• REPLAY MEDIA GUIDE
  free service to find and record online radio, Internet TV, podcasts
• AVS VIDEO TOOLS
  convert, split, join, remove commercials, edit, rotate, apply effects, capture, transfer, copy, rip and burn DVD and video files
• EMUSIC
  the best legal music download service
• AUDIBLE
  download audio books, audio magazines, newspapers, radio programs
• SOUNDTAXI
  remove DRM protection from Windows Media, iTunes music and video files

RTSP protocol is used for years for streaming Real Video and Streaming Real Audio. And starting with Windows Media Player 9 Series, Windows Media Services 9 Series and Windows Server 2003 RTSP Protocol is now the default protocol for streaming Windows Media.

Windows Media Services 9 Series can use RTSP, HTTP, or MMS for streaming. It uses RTSP when trying to connect to Windows Media Player 9 Series. If that attempt is unsuccessful, the server uses MMS or HTTP to connect to the Player. This process is called rollover. Earlier versions of Windows Media Player do not support RTSP, but they do support MMS. If the server cannot connect to the Player by using MMS, then the server tries to connect using HTTP. Windows Media Player automatically tries to rollover to different protocols according to its Windows Media property settings.

Protocol rollover for Windows Media Series 9 for URLs starting with "mms://":

1. RTSPU (RTSP using UDP)
2. RTSPT (RTSP using TCP)
3. MMSU (MMS using UDP)
4. MMST (MMS using TCP)
5. HTTP

Sometimes Protocol Rollover is switched off on the server, so you won't be able to download the streams from such server with old stream recorders.

The newest versions of WM Recorder, HiDownload, Net Transport, StreamDown as well as some other stream recorders support RTSP protocol to download Windows Media streams. Please visit streaming video recording software chart for more.

More info:
microsoft.com/windows/windowsmedia/howto/articles/UpgradeWMS9S.aspx
msdn.microsoft.com/library/default.asp?url=/library/en-us/dnwmt/html/introduction_to_windows_media_metafiles__fhiz.asp
msdn.microsoft.com/library/default.asp?url=/library/en-us/wmform/htm/protocolrollover.asp?frame=true

Based on veblin's message board posts, MSDN and Microsoft.com