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.
Hey, I haven't really researched this since I don't use WinAmp all that often any longer, but I noticed this in the weekly Secunia alerts... So, you may want to look into this if you use WinAmp. //edit: I see. This has been updated.