I use brec, which in debian is in the 'bplay' package.
$ brec -S -s 44100 -b 16 -w file.wav
will record a file from line in at CD stereo quality in wav format, which
you can convert to ogg later using sox or oggenc. (oggenc is probably
I've been recording vinyl albums like this, and the wav file for two sides
works out around 500 Mbytes. Once I've recorded it on the audio machine
in the living room, I move it to my workstation upstairs, then split the
tracks using rezound, then burn it to CD.
If you want to store recorded wav tracks with no loss of quality (compared
to ogg or mpg123 which are lossy formats), have a look at flac. (only
about 50% compression though).
Or if you have alsa installed, try arecord (another command line program).
If you want a gui program, rezound is a nice audio editor which lets you
record from line in with a level indicator to adjust the volume. It will
also start recording automatically when the level goes above a threshold.
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