I spent today trying to figure out how to record a Google+ Hangout. The biggest problem was recording both my audio from my mic, and the audio coming in through my system from the Hangout. I thought I'd cracked it early on, but the key turned out to be in the audio settings for the Hangout in the browser, as well as the software I used.
I also use Techsmith's Camtasia for the Mac, so I really wanted to make this work with Camtasia, to save me from buying another application just for this. Another part to the puzzle was clicking the System Audio button in the Camtasia recording dialog. This prompted Camtasia to install an add-on called Soundflower. The settings for Soundflower appear to be hidden while recording, but Camtasia switches to Soundflower as the audio device during the recording.
Anyway, I show you all of these settings in the video that I captured during my adventures today. I know this isn't exactly photography related, but I think there are enough people trying to do this at the moment that it's worth putting this out there.