Recording audio from MSN chat videos (need to record voice of both parties)

[Mr Wolf]

Hi to all!
So, I bought MSN Recorder Max and it works rather well in recording the video and the audio from my microphone
The problem is if I want to save the audio of the person I'm chatting with: the only solution I found is to record the audio through my microphone directly from my computer speakers

I also tried using a splitter with two jacks and plugging it in the microphone jack: in one jack I plugged in the microphone, and in the other one a cable connected to the headphone jack, but it didn't work

Can anyone suggest me a better way?