How to record audio through computer and not mic

Hi, I'm running Vista RC2 5744 with an Abit K8N-SLI mobo, and I was wondering
how to capture the sounds that my computer plays and record them. What I
mean by this, is back in XP I went to sound manager with that wonderful long
bar of sound tools, went to the recording panel, and checked the stereo
checkbox. This caused sound recorder to record sounds directly from my
computer before they were ever transformed into real soundwaves. Is there a
way to do this in Vista?