I have success with the following mod to the script when used in crontab.

#!/bin/sh

PATH=/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin

/usr/local/bin/streamripper http://x.x.x.x:8000 -d "/var/flexshare/shares/vol4/1. Streamrecordings/" -o larger -t --quiet -u "FreeAmp/2.x


Just learned something again. Would be nice if there was a better way of tracing these issues, but I'm happy that I got result. @Nick: Thanks for supporting me during this process ;-)