mp3directcut
http://mpesch3.de1.cc/mp3dc.html
a powerful mp3 editor, and sound recoder too.

Wingogo
http://www.marinecat.net/ mp3 encoder/recoder using gogo-no-coda mp3 encoding library.(obsoleted)

Windows Media Encoder, this one is overkill
for record directly to wma.

and media player classic, it can record audio too
but setup might abit trouble some if u wana directly compress to mp3/wma, other than PCM wav."

compress the recorded audio to mp3/wma in real time will take some CPU cycle, use pcm wav should be best choice as it dont do any compression.

This post has been edited by 1024kbps: Feb 24 2008, 07:19 PM