Get Xcode 4.6 from the Apple app store, free download version, install it and then launch it from the /Applications folder and accept the license. Go to Xcode preferences and then look in the ‘Downloads’ button.
Install the command line tools from the preferences of Xcode.
Check “check for and install updates automatically” option in the Downloads section..
Install homebrew from the command line as your normal user (do not run as su or sudo).
ruby -e "$(curl -fsSkL raw.github.com/mxcl/homebrew/go)"
Then install FFmpeg through the ffmpeg homebrew formula:
brew install ffmpeg
This will download a lot of dependencies such as x264, LAME, FAAC, etc. for ffmpeg to work correctly. One thing not installed by ffmpeg, but something you should install if you want or need mp3 transcoding is the mpg123 formula.
brew install mpg123
This will download and install dependencies as well. Next, and finally in this round, run the streamripper forumula.
brew install streamripper
This will download and install dependencies for local playlist creation of a network stream using ffmpeg. Very useful.
To update your existing formulae:
brew update && brew upgrade