This may help:-
I have a Leadtek Winfast TV2000 video capture card which is used for capturing VHS video and recording to DVD.
It can be used though, relatively easily in my case, to record in pretty much any audio format.
The way I do it, which has the bonus of being free, is to set my sound card to input from the capture card. For me this means to set to CD as the audio output from the capture card connects to the analogue CD input on my m/board's sound card.
I then open CDex (google and download it) and click tools / record from analogue input with the 'input device' specified as my soundcard.
CDex will then let you select the output file type and utilises pretty much any encoder you have installed.
With regard to record volume I simply adjust the record input volume on my sound card until I get the level I want.
Hope this helps