Actually, there is, but it's not very good. You could use 'Sound Recorder' but that only lasts a couple of mins I believe.
You'll need some 3rd Party Software, like, well, I don't know that part. I've only ever recorded video/audio at the same time and used software that came w/ the video card.
I Googled,
Audio Recording Software to get you started until somebody else comes along and points you to some good FREE stuff I'm sure.
Do you have Roxio Easy CD Creator by chance? I think they have some audio recording software. Maybe Nero does.