I just did some research. That site uses flash to play encypted streams (called RMTPE). Downloading the flash itself doesn't get you the video. The all-streaming-media page talks about Replay Media Catcher, which captures the streams, but it must be out of date. Earlier this year Adobe took the manufacturer of Replay Media Catcher to court and made them remove support for encrypted videos.
The RMC people now want you to use Replay Video Catcher, which is the same type of program as wmrecorder mentioned by kossanse. Both programs just record the screen as the video plays, and therefore have worse quality, especially if you don't have a very fast computer.
There is still a program for sale which will decode the flash stream directly, called GetFLV. They specifically say they can get videos from the Babelgum site
http://www.getflv.net/babelgum-downloader/index.htm
But it's $60. Seems to have a free 14 day trial though, I don't know if it's crippled during the trial.
There's a freeware program which probably would work, rtmpdump.
http://rtmpdump.mplayerhq.hu/
It's extremely tricky to set up, command line not GUI, uses commands like
rtmpdump -r rtmp://stream1.wisevid.com/flvs -s
http://wisevid.com/player.swf -y 82330 -a flvs -z -o xxx -w e09b300f1f1e2cc75878ab11258ba4c17f28a315ea9df26f67b37c7f59332737 -x 110543
to get a video but is reported to work well once you figure out the magic to get the particular one you want. I'll try it when I can get a chance.