Copy the URL of the video
Right click the video to open this menu.
Select 'Convert/Save' from VLC's Media menu
Input
Enter the URL of the video you copied.
Output
Set the output filename and location (if you don't choose a directory with 'Browse', it will be placed in VLC's program files directory). Using 'Display output' is slower but allows you to watch/listen while it rips. Choose a profile based on what file you want.
(Optional) Increase the quality of audio
If the video has high definition options (i.e. 720p etc), edit the profile and increase the bitrate.
Let it rip
Give VLC a little time to save the file.

Right click the video to open this menu.
Select 'Convert/Save' from VLC's Media menu

Input

Enter the URL of the video you copied.
Output

Set the output filename and location (if you don't choose a directory with 'Browse', it will be placed in VLC's program files directory). Using 'Display output' is slower but allows you to watch/listen while it rips. Choose a profile based on what file you want.
(Optional) Increase the quality of audio

If the video has high definition options (i.e. 720p etc), edit the profile and increase the bitrate.
Let it rip

Give VLC a little time to save the file.