Have you checked the site? I checked it before posting... When it was shareware, everything worked but the filewriter. Now that it's freeware, everything works.
[edit] Sneaky bastards... Why do they include the stream recorder in the freeware program's features?? I read the registration page and it seems you really have to register for it to record. I thought that went freeware too!
grrrrr.. Anyway, no need to have a Live methinks, any full-duplex card should allow you to record the wave stream to disk. As long as you dont use DirectX playback, you can record whatever that is going through the Wave Mapper. I've done this many times with trial versions of audio programs