Record Live Audio Streams using Audacity!
Audacity is a free audio editor. You can record sounds, play sounds, import and export WAV, AIFF, and MP3 files, and more. Use it to edit your sounds using Cut, Copy and Paste (with unlimited Undo), mix tracks together, or apply effects to your recordings. It also has a built-in amplitude envelope editor, a customizable spectrogram mode and a frequency analysis window for audio analysis applications. Built-in effects include Bass Boost, Wahwah, and Noise Removal, and it also supports VST plug-in effects.
http://www.afterdawn.com/software/audio_software/audio_tools/audacity.cfm
Chck dis out..
http://www.youtube.com/watch?v=g6s7eq_78Vk&feature=related
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