Like a few other audio/video apps, the iRecordMax Sound Recorder relies on several Direct X filters or files from NCT -- basically they're front ends or GUIs for however many NCT code libraries are used [in XP Pro I've got a total of 23 that were installed by various apps]. I haven't ever found anything on the company NCT that was current, though I haven't looked all that hard either -- Brothersoft lists a shareware collection of NCT Active X files here http://www.brothersoft.com/nctaudiostudio-activex-dll-322.html . Apps like today's GOTD likely haven't been updated because without newer versions of those NCT files available -- & AFAIK there aren't any newer versions available -- what's the point? The NCT files themselves aren't bad, though they're not world class either, & while it's certainly possible they'll conflict with some other Direct X files you have installed, I haven't had any problems in my XP Pro install. Any app that installs the NCT files will add several registry entries [iRecordMax Sound Recorder added a couple thousand in my win7 32 VM], but once installed they're shared by any other apps using them, so it's a one time deal. That said, I'm not sure how compatible they are with win7/8 -- that monitored win7 32 install used win7's Virtual Store so there may be some issues -- & iRecordMax Sound Recorder would not run in my XP Mode VM.
As far as the app itself goes, it includes an old copy of Lame that you *might* want to try updating, but otherwise it's a fairly simple & straightforward app that uses your sound card or on-board audio chipset to digitize whatever comes in the inputs & writes the results to an audio file. The simple editor that comes with it isn't bad but neither is it extraordinary -- the biggest fault is it doesn't allow plug-ins, & those tools &/or FX that are built-in are the basics. I have the NCT files installed in XP Pro mainly because I do a little work there using Graph Edit, where I might use the files or filters on their own -- as already mentioned in the comments Audacity & Wavosaur are more powerful, plus I've got some paid software I use. That shouldn't be taken as me telling you not to use iRecordMax Sound Recorder - if you like it, Cool, & it is simpler than Audacity & Wavosaur because there's less there to confuse you.
Also while Audacity & Wavosaur may be the most well known free audio apps, there's a couple of newcomers to the free software market, both by Nero -- Nero SoundTrax & Nero WaveEditor are now free http://www.nero.com/enu/downloads/ . And they're both pretty nice apps.