It's possible that another application is currently using the audio stream and because of that, "what you hear from speakers" might function incorrectly. I advise closing all the applications that might user the audio source and then try again using the function mentioned above.
Additionally, check the audio drivers in Device Manager. There shouldn't be any yellow sign next to your devices. After this operation, re-install the main application and configure it properly, then recording should be available.
On the other side, support for the application ceased to exist since the official website is not working anymore.
If you don't succeed in fixing the application, choose another one from the database of Software Informer.