Well I found a different solution just now, a virtual sound output/input called Soundflower. Using that I can record anything through the Soundflower input that I play through its output, and I can still listen to what I'm recording with Soundflowerbed, which comes with it.
I've yet to extensively test it but all seems well.
Thanks for the help anyway.
I'll still be looking into that program if ever I decide I want it.