I was looking for a simple way to record audio running in to a computer. The simplicity factor was a major deciding factor as it was going to be used by someone without that much computer experience. So, as I was looking for an inexpensive option, I took to looking through SourceForge to try and find something open source. I went through a ton of programs searching for just the right one and finally happened upon the Alis Recording Tool way down towards the bottom. The downloadable files hadn't been updated since 2006 but it does look like there is some activity in the SVN. Anyway, I made some changes to better fit it to our usage and decided to share the source which you can download here.
P.S. The build file uses Launch4j and Nullsoft Scriptable Installer System