Audacity

Audacity® is free, open source, cross-platform software for recording and editing sounds.

HOWTO: RECORD

Speakers

You can use this to record from (cough) well-known music web sites.

1. Install "pavucontrol" and "audacity".
2. Select "pulse*" as recording device in Audacity.
3. Click Record Button.
4. Open PulseAudio Volume Control (Search For PulseAudio Volume Control in Dash).
5. Select Recording Tab.
6. Now You Should see ALSA plug-in [audacity]. If you do not see ALSA plug-in [audacity], make sure you have clicked Record Button in audacity. You should be running recording in audacity while performing next step.
7. Select "Monitor from *". See screen shot. Screen shot of PulseAudio Volume Control
8. Now you should be able to record the sound you hear from speaker or headphones.

Thanks - http://askubuntu.com/questions/229352/how-to-record-output-to-speakers#229365

Timer

Transport | Timer Record...

When the timer is in use you will not be able to access any menus or controls during the recording session.

So you must ensure that all settings are correct before the recording session starts.

Line Out

Preferences | Devices | Recording | Device | Select your source, on my machine it was Stereo Mix:0

HOWTO: GENERAL

Run Multiple Instances

File | New