I can follow the directions you give above. After it captured, I dragged it to the big Toast window (with a file name of about 30 digits). I highlighted it and renamed it to the song title. The only choice for conversion is mp4, Best. I clicked on the red 'convert' button. It allowed me to direct where to save it. After it converted, I tried to play it. Some times, it would play. Many times, it came up in VLC's play list with a 0:00 duration and of course would not play. In Finder, the Get Info showed file size of 3-5 megs.
I don't remember the exact actions, but some caused a xxx.toast icon to show up on the desktop. There is still one there. I just clicked on it and it launches VLC with a title screen, but won't play.
Sometimes, I can capture many of the choices I click on in Youtube, but sometimes, NOTHING will capture.
I was able to capture some of them in Foxfire the other day, but Toast does't like to convert them.
WHAT CAN I DO WITH A xxx.TOAST FILE?
The last Roxio agent I talked to suggested updating to 11.0.6. I didn't Are you still confident in 11.0.4?