Nick,

Audio HiJack can record the audio stream from any application or input. Fission 
(from the same author) can edit the audio.  Once you have the audio, you can 
add it to iTunes and burn an Audio CD.

If you have Toast Titanium, the suite includes CD Spin-Doctor which can do the 
same.

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On 11 Aug 2011, at 17:59, Nicholas Holt wrote:

> Has anyone done this? Googling brought up some open source software called 
> Audacity but it's quite complicated.
> Maybe there's a way to do it in Garageband but the Help doesn't show one.
> Any ideas (without having to pay for new software) would be much appreciated
> Nick
> 
> As a PS I was wondering if anyone had seen that Apple closed on the US 
> stockmarket yesterday as the world's most valuable company.
> Considering in the 90s it was very much in the doldrums that says a lot about 
> Steve Jobs as the turnaround happened since he returned.
> 
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