Rogue Amoeba has released a minor update to their minimalist audio recording app Piezo, which fixes an issue that prevented the application from recording audio from Skype on the just-released Mac OS X 10.7.3. Piezo 1.1.2 also brings compatibility with recording audio from the Toktumi and MagicJack VoIP apps. The update is rounded out by an assortment of bug fixes and improvements. ($10 new, free update, 2.8 MB, release notes)
View Extra Audio Details in Snow Leopard
In Snow Leopard, Option-clicking the Volume icon in the menu bar displays a list of sound input and output devices. Choose one to switch to it; it's much easier than using the Sound preference pane. Also, hold Shift and click the icon to set the system volume, which is separate from the general output volume.