Open VLC → Media → Open Network Stream and paste the M3U link. For a local file use Open File. If the playlist is large, enable Playlist view (Ctrl+L).
To reduce buffering, go to Tools → Preferences → Input/Codecs and set Network caching: 1000–1500 ms.
To record, click View → Advanced Controls, then the Record button. Files are saved in Videos/. If the flow does not start, see Tools → Messages (verbosity 2) - an error will be indicated there.