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Virtual Audio Capture Grabber was created as a simple and useful tool that allows you to record the "wave out sound" that is playing on your system speakers.
Virtual Audio Capture Grabber was developed with the help of the Java programming language.
Virtual Audio Capture Grabber can save your recorded sounds under the MP3, AC3 and WAV formats.
Requirements:
· Java
· VLC media player - optional
What's New in This Release: [ read full changelog ]
· can recor d to ac3/video now
· includes the 64 bit device now, too.

Via: Virtual Audio Capture Grabber 0.3.5