This tip comes with a very loud disclaimer: Recording audio that you hear through your computer *may* be a form of piracy. The audio you're listening to through your browser or other software is likely copyrighted; therefore, you would need consent to record it. With that said, there are circumstances where you may own the copyright to the audio in a published .swf file, for example, and have misplaced the raw .fla and audio files. If you own the coypright or have permission to record the audio, this tip explains how to do this in Windows 7!
Step 1: Adjust Audio Input Settings
Open the Control Panel from the Start Menu.
Go to Sounds.
Click on the Recording tab.
Right click on "Stereo Mix" and choose "Enable" then click OK.

Using Audacity
Audacity is a free audio editor and recorder software package that is available for download at: http://audacity.sourceforge.net/
Step 2: Set Audacity's Recording Device
Launch Audacity.
Under the Edit menu, choose Preferences.
Select 'Devices'
from the pop-up window
Step 3: Choose the Recording Device
Select 'Stereo Mix' from the recording device pulldown.
Now, Audacity will record the audio 'heard' through your sound card.
Using Adobe Soundbooth
Step 2: Open the Record Menu
Under the File menu, choose Record.
Step 3: Set the Recording Input Channel
Select 'Stereo Mix' from the port pulldown.

Now, Soundbooth will record the audio 'heard' through your sound card.
Want to share other audio recording tips or comments? Post below!