Yeah, I've done that.
Simple really.
Just use the Apple Video Player!
You'll need QuickTime Pro to change the compression, resolution etc.
Once launched, you can call up a menu from the tool bar, or type command 4.
The controls are pretty self evident about recording.
For sound, you can export out of iTunes, QuickTime Pro, or if you want to playaround - SonicWorx - a FREE "Demo", really! Just go to their site at:
http://www.prosoniq.com/There's a few German words stuck in the English version, but it's easy to figure out. They also have a PDF manual.
Works in OS 9 only.
Good Luck!