I for one just use the sounder recorder which comes standard with Windows, It
creates a respectable .wav file and you can alter the quality and format settings within the windows recoder after you record to various formats by doing a format conversion of the recorded file - at least I have been able to do so with the one loaded with XP.

Audacity is also pretty handy http://audacity.sourceforge.net/windows.php

A friend gave me a working full featured edition of LP Recorder and I've used it for a few years ... but you do have to buy the program to use all the best features ...