<img src="http://tctechcrunch2011.files.wordpress.com/2007/01/FM, satellite, and WiFi.

The patent art shows that the iPod will accept accessories "to add the necessary functionality", so it's more than likely that the iPod won't be doing the receiving or recording itself. The functionality features recording either a part or all of the song, then connecting your iPod to your computer later to identify the track and purchase it from the iTunes Music Store. This way, Apple retains its profit-generating store but you still get to listen to your recordings for a while.

The Satellite iPod Returns (Apple Patent) [Orbitcast]