1. Windows has had a sound recorder app for a long time called soundrecorder. For Windows 7 it changed a bit thought. It gained better capability to record large files (originally it was restricted to 1 minute clips), but editing features that were originally part of it as late as Windows XP were removed for Windows 7.
2. It normally saves data in some horrid format, but it is possible to make it record to .wav using the /FILE option in a command window with a filename having the .wav suffix.
3. It also has a /DURATION option, but that removes the nice level display that usually pops up.
Here's a couple of links:
Discussing the options but lacking some of the significance of each one:
http://windows.microsoft.com/en-US/windows7/Recording-audio-in-Sound-Recorder-frequently-asked-questions
A forum that referred me to the above FAQ, and also has a bunch of moaning about how things changed since XP and alternative suggestions:
http://answers.microsoft.com/en-us/windows/forum/windows_7-pictures/record-and-clip-wav-files-in-windows-7-sound/c960a02a-8961-421c-8bb8-15a7d38a56ed
Here's a nice thread that describes how to do the .wav trick. Also, there's something from somebody on using copy to convert .wma to .wav? Interesting!
http://www.sevenforums.com/sound-audio/46587-sound-recorder.html
The Wikipedia article on SoundRecorder explains pretty well why the original version was limited to 60 seconds:
http://en.wikipedia.org/wiki/Sound_Recorder_(Windows)