Is there a buffer caching application that preloads streaming video? I'm trying to find out if there's already a application in existence or a way to preload (cache/ buffer) couple minutes ahead of live streaming media 
e.g. live stream onine TV, rtmp protocol etc..
in order to play it smooth on vlc media player and even at low bandwidths. 
I don't mind getting the live feed 30 minutes later.

another hint:
VLC media player only allows 9999 ms buffer time for streams and am looking for some way to expand this ..by 10 min or so :)
Launch VLC. Go to Open Network Stream. After specifying the URL, select Convert in place of Play.  Choose Dump raw input. In destination file, specify somefilename.ts. Wait 10 minutes. Launch another VLC instance. Play somefilename.ts