Can't record sound coming out of computer using Mp3myMp3

MiriamJ

Bit poster
I want to record the sound coming out of my computer speakers using Mp3myMp3 Recorder. Cannot do it now on my brand new iMac (OS X 10.8.2) using Parallels 8. I was able to do this on my old Windows XP computer beautifully with no sound quality loss. Now I can't even get it to pick up the sound let alone record it. Are downloaded something called Soundflower but am not sure how to configure it. Any advice would be greatly appreciated.
 
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