Originally posted by LeroyHowever, the cheapest way to do it would be to record the audio output of your TV or DVD into the mic or line input of your computer. You could get the right cable for about $5 at Radio Shack.
The right cable is a mini-stereo to mini-stereo cable. EDIT: Leroy's response below is better; I had a brain-freeze.
If one has a Creative (What U Hear) or Realtek (Stereo Mix) sound card then one does not even need a cable. Couple a cable/no-cable setup with Audacity and you're set.
I've picked up a few tricks since I've started working at Dell. Here's some info which may or may not be useful (I hope it's useful...it's what I tell customers!). - I reccomend to customers AVG Free Edition, ewido, and Ad-Aware for malware issues.