It works much the same way as My First instructable
Step 1: What you need
A Xbox 360
A Wireless or Wired Xbox 360 controller with the headset port on it
A voice chat converstation
A Audio Link up Cable
A Headphone adapter which fits the xbox controller
A Soundcard which allows LINE IN
And finally some audio recording software
Step 2: Connect it up!
Thats it done
Step 3: Record it!
Hit record. And chat away!
Once your done save the audio and use it as you wish
Step 4: Quick shot of the audio
As you can see it is on one channel only, The other channel is for the microphone