Found a cool little program called NoteM that records audio into MP3s. Gives you a 5.5 recording ratio when compared to the recording in Notes. Also allows you to record over the 1 minute barrier (couldn't ever figure out how to enable that inside of Notes). I'm planning on using my Dell Axim now to record class lectures, etc, since with NoteM, I can record 3 hours worth of audio. Too cool!
NoteM homepage