If you're an owner of the Sony Ericsson T68i here's how to record conersations. While talking, press the menu button and choose record. You can record until your memory is full. To retrieve these recordings, go to Fun & Games and select option 6 (Sound Recorder). Pretty neat eh? I'm still looking for useful applications:
1) Someone says, "This is important--Don't forget"
2) Logging a phone number
Now, I still have to see if I can play back audio for other people. That could get real interesting!
Update: Yes, you can play previously recorded snippets to other parties. This is starting to get fun! Expect further explanation soon.