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If you're lucky enough to have a good FM radio station nearby, you might want to check out Instant FM Music from ADS Tech, a $49 USB key that lets you record FM radio or web radio on your PC and transfer that to MP3 files or onto a CD.

It works like a TiVo, where its included Snaptune One software shows you a playlist of songs from your choice of radio stations, recording that station's entire playlist and then letting you pick which songs you'd like to listen to on the PC or transfer to your iPod or a CD. Timeshifting? Scheduling recordings? It does that, too. Sounds like TiVo to me.

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We have one of these Instant FM Music devices here and we'll be testing it over the weekend, so stay tuned for our results. Our first impression? Aren't those record company greedmeisters going to hate this? Sure, the FM sound quality won't be that great, but still, you'll be able to have and hold those songs for free.

Product Page [ADS Tech]