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After purchasing my new microphone/headset I thought I'd give the whole "lets play" lark a go, however after downloading most of the free screen capture programs under the sun I am still unable to fine one that allows me to record in game sound but NOT the microphone sound while using audacity to record microphone sound. At very least I would like to be able to record in game sound and the microphone sound together but no dice with that either.
I am using XP and so far my favoured screen capture program is hypercam, if at all possible I would like to avoid spending money.
Some sound cards allow you to "blend" your audio input into your output channel. Check this under the advanced properties for your volume control.
Other than that you'd probably have to hope for some software that can spice the two together. I think Windows still comes with Windows Movie Maker. I recall it being terrible, but it might be sufficient for your purposes.
The problem comes in recording the ingame sounds at all, the closest I can get is the bleed from the mic recording the speakers when they are on max volume.