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GoldWave. If you want "CD Quality", be sure to set the controls in your WAV recording program to 44.1 kbps, stereo, 16 bit. Be warned that you'll need about 10Mb of hard disk space for each minute recorded. Once you've recorded the file, use the WAV recording /editing program's "cut" function to trim off any excess before the beginning or after the end of the song. If you just want to put it onto an audio CD, you can do that directly from the WAV file. If you want an MP3 file, you'll have to use an MP3 encoder to process your WAV file.
Another option is "HarddiskOgg".
HarddiskOgg takes a wave input stream from any Windows 95/98/2000/XP compatible sampling device (including microphone input and line in) and converts it to an Ogg/Wave/MP3 (optional) stream. This happens in realtime, so basically it is a harddisk recorder in Ogg.