LiveInCode
This program encodes live audio from line-in or microphone directly into Ogg Vorbis, MP3, FLAC, Speex and other formats.
The current version only has built-in support for Ogg Vorbis and Speex. It means you can use any other encoders too, but for encoders other than Ogg Vorbis and Speex you'll need to manually specify the command-line.
LiveInCode is distributed under the GNU General Public License. The source code can be compiled with Borland Delphi 7.
Note that this program is no longer being developed. However people still seem to be using it (and it seems to work), so it is kept here for historical and other purposes.
LineInCode: a command-line tool
There is also a similarly-named command-line counterpart to LiveIncode.
Download
The .exe-file you download is a self-extracting archive. Launch it, point to the folder where you want the program to be installed and press Extract. If there is a previous version of the program, make sure that it is not running and answer “Yes to all” when asked about overwriting.
The extractor does not add any icons to Start menu or Desktop, so you'll have to do this yourself(if you wish). It also does not write anything to the registry, so if you need to uninstall the program, just delete its folder with all its contents.
Screenshots
