You would need a sound card with a line input. There are USB sound cards available that will do that. When you're ready to make the recording, go to the Windows Recording mixer and make sure that the source you want to record from is checked.
If you have a speaker icon in your system tray, right-click on it and click "Adjust Audio Properties", if not, go to the Control Panel->Sounds, Speech and Audio Devices->Sounds and Audio Devices. Once there, click the Audio tab and under Sound Recording, click the Volume button. You should have at least four channels along with a Master Record slider - make sure the Stereo Mix channel has a check in the "Select" check box. This should allow you to "record what you hear".
No dice. After some exhaustive research I found that some sound card manufacturers disable stereo mix or 'what you hear' recording at the hardware level. Lenovo uses SoundMAXHD. They are one of those companies that presumably do this to protect copyrights....blah blah blah.
The other problem with doing that is that you only get a mono recording if you use the mic input, to get a stereo recording, you would need to use a stereo line input, which you stated wasn't an option since your sound card doesn't have one of those. The only other option I can suggest is to look into getting a USB multi-channel sound card, for example, the Maya 44 USB. When you plug that card in and install it, you can make it override the PC's built-in sound card so you should be able to use that to "record what you hear". I have an HP Pavilion and I have no problems doing the "record what you hear" thing, then again, I most likely have a sound card that is capable of doing that.
I'm in the same boat by not being able to hear what i'm doing in the headset mics with out a delay. What external sound card is the best? I do a show weeekly that I have 4 inputs from headset mics with the 3.5 plug. Is there a connector to go from 3.5 to rca???
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