It allows to record sound directly to mp3 (many formats supported too).
It has many advanced features and free to try!
Their own description is below:
Smart Sound Recorder is a full-featured universal sound recording system for both home users and Pros. It is a flexible and inexpensive software solution for those who want to record any digital sound from PC to WAV, MP3, WMA, OGG, VOX, AU, AIFF.