Lately, I've became an absolute fan of Skype. Some time back Yahoo Messanger was failing, saying..."Mixer Device Initialization Fails"...when 5 people or so were trying to have a voice conference call. We tried Skype. It worked instantly. By then I'm interested in what I do best - hacking. This time skype hacking. Some of the meetings I do over skype is really long. It would be nice to have an utility or plugin(++skype may be) which will record the conference session and compress it to mp3/ogg/flac/wma files. By searching I came to know about following tools -
KishKish SAM
KishKish SAM Skype plug-in records Skype conversations automatically once the incoming Skype call is answered by you. In an Outgoing Skype call you will need to wait until the call is answered by the other party. The voice recording can be stopped or resumed at any time during the call. [$15.95]
PowerGramo Recorder for Skype
PowerGramo Free version is a good option if the Skype conversation involves only two persons. The Skype call can be of any duration and will be recorded in the OGG or WAV format. The por version supports Multiple-call people conference recording. PowerGramo will work on older versions of Skype include Skype 1.1 [Free/$19.95]
HotRecorder for VoIP
Hot Recorder for VoIP is a popular Skype Call recording plugin for the PC. Not just Skype, you can use HotRecorder to record voice conversations from any IM client including Google Talk, AOL AIM, Net2Phone, Yahoo! Messenger or Firefly. The audio recordings can be saved to WAV, OGG or MP3 files. The HotRecorder Voicemail feauture will automatically answer Skype conversations for you. [$14.95]
Pamela 2.0 Professional
While the basic version of Pamela is free and supports voice and video answering machine, the Pro version supports skype voice recording and can also record Skypecasts, Skype Video and Skype Chats. You can also make a local playable copy of your Skype Voicemail with Pamela Skype addon. Pamela also generates HTML template code for posting the recorded Skype audio and video calls as podcasts or blog entries. [$24.95]
Its not doubt that those tools worth have a try and has some nice add-on feature-set. But none is free. So I decided to write my own Skype recorder in my yammi platform - .NET. The only drawback of this nice tool(category: Direct Sound Recorder without a dedicated device driver) is that it's not a plugin. But I will try to convert it to a plugin. It also compresses the conversations into mp3 files.

Dowload SkyRec.zip. To correctly configure SkyRec, please select proper audio recorder from the Mixer Device Selection. For my case it is SoundMax Digital Audio In.
After that, select the "Stereo Mix" section in the "Recording Control" dialog.
As I said I'll make this open source. Please give me feedback. Either post it it here or "Contact" section.