I see you have an Inspiron, Which model desktop? With that SoundBlaster Xfi sound card you may not have the What You Hear
(what Soundblaster calls the System Mixer) that you need to be able to record streaming audio from the Internet. I do a lot of support on the Dell users forum and there are a lot of issues getting the Dell OEM Xfi cards to work in Windows 7. SoundBlaster is not supporting Windows 7 on all models of the Xfi cards - just the current production models - but some users on the Dell forum have reported using the Retail SB Win 7 drivers
and getting it work - but not all have been able to get the What You Hear function. If you have Win 7 64 bit, SoundBlaster has an Xfi Beta driver
that users have reported to work.
The What You Hear may not be displayed in the Recording Tab. If not, RIGHT click in an empty area on that panel then LEFT click to display disabled devices. If your lucky What You Hear will now be displayed and you can select that to be the default recording device (and be able to record streaming audio).