This year NBC has teamed up with Microsoft (MSFT) to provide a wealth of Olympics footage at NBCOlympics.com. If you’re really into specific events that aren’t shown over your broadcast TV station, then you can likely watch them online. Very cool.

The Microsoft contribution is via the Silverlight video player, which you must install in order to watch video. Few video providers use Silverlight, which is why there are no programs (yet) that can record those feeds via stream capture.
If you’re looking to record some of these events and save them forever, the best program to use is WM Capture. This on-screen recorder makes great quality videos from the Olympic feeds.

To burn these recordings to DVD, try the new Replay Converter 3.0, which is currently in beta. You can also make iPod format videos, or AVI files to import them into your favorite video editor.

Oh yeah – Go Team USA!

UPDATE: I noticed that you need to enter a zip code and your Cable provider to watch some online feeds. Try 94118 and ComCast Digital if you’re disallowed access.