Record video stream from internet and edit

[Brit50]

Its probably quicker if I explain the idea.
My passion is rugby. I want to be able to take a video stream from the internet (a game on say, foxsoccer.tv, either live or archived), record it to my computer and then go through and select areas I wish to take from the original game(s) and record to make another video which I will then export to a blog or website.
Currently unemployed so I have the time to 'mess around' but hopefully the end result can be achieved using free tools/programs.
Or, please direct me to tutorials.
Thanks

[glc]

Before we get into the "how" we have to inform you of copyright issues. You can do this for personal use, but reposting your finished product online is undoubtedly violating copyright laws unless you obtain specific permission.

[Brit50]

Thank You.