Press Record.

The SDP Multimedia website for ASF download and MMS protocol specification
The real reason why I didn't reedit those Red Stripe films is I couldn't convert one of the QuickTime streams!
Here's a program that will take mms links and download them to a local file. Not sure if its a record of the download itself (like including any hiccups, or bitrate drops) or it pulls the full file somehow, but it is a solution. I googled for a good hour and found nothing like this.
MMS or ' Microsoft Media Server ' protocol is Microsoft's proprietary network streaming protocol. Microsoft has never released a specification to describe how MMS actually works, yet it is extensively used by their Microsoft media player software. MMS protocol can be used on top of TCP and UDP transport protocols over any network medium. Its primary use is to stream live or prerecorded audio and video content to your computer without any need to download a file before playing.
Believe it or not, this tip is from Sarah Lane