WireTap Studio is an application for Mac that is capable of recording anything that you can hear through your computer's speakers, although it can also capture sound coming from an input source. Choose the name of the applications that you want to record and click the button to start recording.
You can then edit and convert your recordings into other formats from within the application. WireTap Studio includes a graphic editor that allows you to make various changes to your audio recordings. Highlight the part that you'd like to edit and select the corresponding tool: silence, cut, eliminate.. It's also possible to add special effects, fades, and metadata information to the file.
It should be very useful for making podcasts, and you can program the recording to be made with a determined frequency. WireTap Studio can even wake your computer from sleeping if need be.
Another advantage to using WireTap Studio is the ease with which you can change the format of your recordings, including a LivePreview function that allows you to listen to how the file will sound after conversion. The formats generated by the program include, among others: MP3, AAC, AIFF, and WAVE.