I don't think this would be to difficult at all. Especially if it was XM radio related. The quality would be quite good and XM radio broadcasts the name of the artist and song. When the Name and Artist pop up, the software would start recording. It would stop recording and then start a new recording when the next Name and Artist information come up.
I know most all FM radio stations in the US these days broadcast at least the name of the station and type of music they play (rock, jazz, pop, etc..). Does anyone know if they broadcast the name and artist of the songs they're playing?