Can i store online radio in my computer and then copy content to a cd?

If you record the online radio stream, its actually illegal. There is a way to do it, just plug in a aux cable from your speakers into your microphone port, and record with some recording software.

try right clicking on the content and choose 'save target as' and save it to your desk top, make sure you save it as a mp3 or wav file. then go through your usual process of burning on a cd

be carefull what u ask 4 on here

OK, check the recording properties of your windows volume mixer.
Look for 'what u hear' or 'stereo mix' inputs.
Select that input as the record source.
Go to your favourite sound editing program eg: Audacity (free, Google it) or if you've got Nero you'll probably have Nero Wave Editor.
Record the stream as it plays (real time), when you're done save it as a WAV file which can then be burned to CD as an audio track.

DON'T CONNECT THE SPEAKER LINE TO THE MICROPHONE INPUT, they're different signal levels and the result will be appalling, connect to 'Line In' if you're doing this (you'll need a full duplex sound card too).