you can cheat in sound recorder... record all the way through to the 60 second mark, then press record again. it'll go for another 60 seconds. do this a few times, save the file as "blank" or something, and you can record several minutes.
of course, dedicated recording programs are better.
EDIT: can you record more than one track with audacity, mix them, change the levels of each etc. (bear with me, i know nothing about recording)?
Thanks...