K this is what you do:
Like LadyCrimson mentions, go download wavepad from the link she provided.
Launch miles sound tools and play whatever soundfiles you want. A combo of music, and voices can be done simultaneously
Use the Recordpad Sound Recorder, and set whatever necessary settings you need to record "What U Hear"
Whenever you reach the desired moment you want to record.. just click the record button!
Viola! You get this result:
http://rapidshare.com/files/2185930/Untitled_01.mp3.html